Japan, UAE agree to expand cooperation during Abe's visit

AFP  |  Abu Dhabi 

and its top trade partner in the Middle East, the United Arab Emirates, agreed on Monday to expand economic, political and defence cooperation.

Abe arrived late Sunday on the first leg of a tour which will also take him to Jordan, and the Palestinian territories.

In a joint statement, the two countries praised growing trade between them. They "stressed the importance of further enhancing trade, investments, and business such as renewable energy, sustainable water desalination ... artificial intelligence, health care and medical equipment," the statement said.

They also reiterated their commitment to diversify joint business ventures in the non-sector, and stressed the need to boost defence cooperation.

The UAE is Japan's main trading partner in the Middle East, accounting for about a third of Tokyo's trade in the region.

It is also Japan's second-largest supplier of crude oil, accounting for almost a quarter of its needs and more than half the trade volume between them last year -- USD 28 billion -- was energy-related.

of the Japanese foreign ministry told reporters in the two countries are expected to sign a memorandum of defence cooperation next month.

He also said the agreement for the promotion and protection of investment will likely boost investments by both countries.

Abe held talks with the of and of UAE armed forces Sheikh

On Monday, Abe hailed cooperation with the UAE as a "strategic relationship" and welcomed Abu Dhabi's renewal of concessions with Japanese firms.

"Over the past five years since I last visited Abu Dhabi, our bilateral relations have made dramatic progress to a relationship that has been called a strategic relationship," he told a UAE-business forum.

Top executives from Japan's leading business groups addressed the forum, highlighting projects underway in the UAE as well as future plans. "On this visit, we are accompanied by 27 companies representing with a delegation of top business leaders," Abe said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 30 2018. 20:10 IST