The UAE-UK Business Council is a key pillar of the rapidly developing bilateral trade and investment relationship, which was confirmed in last week’s joint communique during a meeting between Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, and Deputy Supreme Commander of the Armed Forces, and UK Prime Minister Boris Johnson.
The Business Council supports the interests of both countries, with two new co-chairmen in the form of Ahmed Ali Al Sayegh, Chairman of Abu Dhabi Global Markets and Minister of State representing the UAE, and Lord Edward Udny-Lister, former special envoy to the Gulf, looking after the UK.
“The Business Council plays an important role in shaping the future trajectory of our bilateral relationship,” Lord Udny-Lister, a former chief of staff to Mr. Johnson, said at a recent seminar hosted by the Emirates Society and Business Council.
“This is an important time for our relationship, which has been getting stronger and stronger. The 50th anniversary is going to be a great opportunity for us to take this whole relationship to its next step.”
Lord Udny-Lister said a voice on a bilateral ministerial Joint Economic Committee gives the Business Council “an opportunity to report to the relevant ministers on our progress” and “help influence the trade relationships as they’re developed, to try to identify the barriers, get through those barriers and work out how we can improve everything”.
While the countries have agreed to expand their Sovereign Investment Partnership with Mubadala Investment Company already investing £10 billion ($13.71 billion) in addition to its existing £800 million commitment, they also established a new Partnership for the Future to strengthen the deep and historic relations the two nations share.
The aim is to secure a UK trade deal with the GCC Customs Union in the future, something Bradley Jones, executive director of the UK-UAE Business Council, says will offer two key elements: reducing tariff barriers and removing non-tariff barriers.
“The big prize of a future trade relationship – and this applies in both directions – is reducing non-tariff barriers,” Mr Jones told.
“This is all the niggling regulatory barriers that make it a little bit difficult to do business in the other market. Addressing them will help to increase trade.”
Looking ahead, the Business Council has booked a key location for its 10th annual plenary session in October when it is the UAE’s turn to hold the event. The meeting will be hosted at the Mohammed bin Rashid Aerospace Hub at its Dubai South headquarters next to the Expo 2020 Dubai site.
“This is somewhere that will really show our delegates flying in from the UK the new UAE: ambitious, thinking big, innovative,” Mr. Jones said.
This is a key time for the Business Council, which has undergone a revamp over the past 12 months, as the organization looks to enhance the already close trade and investment ties between the UAE and UK.
With relations warming between the two countries, Mr. Jones says it is “probably no coincidence” the Business Council transformation happened after Brexit.
“[Brexit] has unfettered the UK from some of the constraints it had in the past,” Mr. Jones said.
“The fact it can now have a different kind of dialogue with the UAE on this trade and investment relationship makes it more important to have a Business Council that can be a voice of business at this time.”
On the UAE side, the Abraham Accords, a historic resolution made by the Emirates a year ago to formally establish ties with Israel, was an indication of the country’s attempt to redefine its trading relationship with countries around the world.
“The Business Council can play a role there in helping to steer some of that interest towards the UK,” Mr. Jones said. “So the relaunch of our role came at the right time.”
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
