Abu dhabi: The Ministry of Foreign Trade and the Federal Department of Economic Affairs, Education and Research of the Swiss Confederation have reached an agreement to establish a Joint Economic Committee (JEC) aimed at promoting cooperation, facilitating investment, and enhancing trade flows between the two nations. A Memorandum of Understanding for this initiative was signed by Reem bint Ebrahim Al Hashimy, UAE Minister of State for International Cooperation, and Guy Parmelin, President of the Swiss Confederation.
According to Emirates News Agency, the JEC will focus on exploring market access opportunities, addressing trade-related barriers, and resolving business issues that may hinder bilateral economic relations. The committee also aims to facilitate the sharing of knowledge and expertise and engage in discussions on international economic issues of mutual importance. Additionally, the JEC will consider proposals to further enhance trade and investment relations between the UAE and Switzerland. Meetings will be held biennially, alternating between the two countries, with options for virtual meetings.
Reem Al Hashimy emphasized the agreement's importance, noting the UAE's belief that strong economic partnerships are built on shared values, mutual trust, and a long-term vision. She highlighted the JEC as a crucial platform to deepen the partnership and create lasting value for both nations.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, stated that the JEC would help align the economic ambitions of the UAE and Switzerland and provide an essential framework for cooperation. He emphasized existing synergies, such as roles in global gold markets and investments in advanced technology and life sciences, which the JEC aims to expand upon.
Guy Parmelin commented on the milestone achieved, expressing that the MoU reflects the strong trade and investment ties, mutual trust, and commitment to free and rules-based trade between Switzerland and the UAE. He stressed that the JEC signifies a joint ambition to deepen the partnership further.
The establishment of the JEC underscores the robust and longstanding bonds between the UAE and Switzerland, with the two nations sharing nearly US$61 billion in non-oil trade in 2025, marking a 130 percent increase over the previous year. Switzerland's significant foreign direct investment in the UAE, totaling more than US$16.6 billion, highlights the strong economic connection. Swiss companies are actively engaged in various sectors within the UAE, including finance, commodities trading, pharmaceuticals, engineering, and luxury goods retail. The two countries are also collaborating in high-impact areas such as alternative fuels, trade finance, biotech, and med-tech research.