UAE slams European Union for the slow progress of trade negotiations, saying investment opportunities cannot be delayed indefinitely…reports Asian Lite News Desk
The United Arab Emirates says it is ahead of schedule in delivering its planned $1.4 trillion investment in the United States over the next decade and expects the commitment to be completed well before the original timeline. At the same time, it has criticised the European Union for the slow pace of trade negotiations, saying discussions have become bogged down by issues unrelated to trade.
Minister of Foreign Trade Thani Al Zeyoudi said progress on the investment pledge, announced during US President Donald Trump’s visit to the UAE in May last year, was advancing rapidly.
“Things are progressing very well,” Al Zeyoudi said in an interview this week. “It was ten years. I think we’re going to do it much quicker.”
The comments underline the UAE’s continued focus on strengthening economic ties with the world’s largest economy despite heightened tensions in the Middle East. The investment programme is expected to be driven largely through the country’s sovereign wealth funds and other strategic investments.
The minister said recent moves by the Trump administration to ease export restrictions on the UAE would help support the investment plans. Earlier this month, the US announced measures allowing Abu Dhabi to purchase advanced artificial intelligence chips produced by American companies including Nvidia and Advanced Micro Devices.
“It shows the real partnership between us and the current administration when it comes to transparency, trust and commitments regarding the supply-chain sensitivities,” Al Zeyoudi said.
He rejected concerns raised by some national security officials in Washington that exporting advanced semiconductors to the UAE could allow China to gain access to sensitive technology or slow the development of artificial intelligence in the United States.
“You cannot please everyone,” Al Zeyoudi said. “It’s as simple as that. We do understand the concern of those people and the concern of the government itself. But we’re fulfilling all the requirements.”
He said the UAE would begin importing the advanced chips “very soon”. They are expected to support projects including Stargate, a planned data centre cluster in Abu Dhabi designed to host major artificial intelligence companies such as OpenAI.
Al Zeyoudi also contrasted the UAE’s relationship with the United States with its ongoing trade negotiations with the European Union. The UAE and the EU have held around seven rounds of talks on a Comprehensive Economic Partnership Agreement, but no agreement has yet been reached.
The UAE has signed almost 40 Comprehensive Economic Partnership Agreements with countries around the world in recent years.
“It’s not moving at the same pace as with others,” Al Zeyoudi said of the negotiations with Brussels. “It’s because they’re still insisting on bringing to the table non-trade matters, which will not work with us.”
“We still look at the EU as a partner,” he added. “But capital will not wait.”
The minister said the UAE expected to announce several more trade agreements in the coming months. He said a deal with Canada could be concluded this week and described it as one of the fastest trade agreements negotiated by the UAE, taking less than 90 days. The UAE announced plans last year to invest $50 billion in Canada, although no timeframe has been disclosed.
“The relationship with the Canadian government is really good,” Al Zeyoudi said. “Projects we can invest in are under discussion.”
He said the UAE would continue with its long-term strategy to reduce dependence on the Strait of Hormuz even if normal shipping resumes. The plan includes new port developments at Fujairah and Dibba and a second crude oil pipeline to Fujairah, which is expected to be completed early next year. The pipeline is intended to allow almost 4 million barrels of oil a day to be transported directly to the Gulf of Oman, bypassing the Strait of Hormuz.
