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The 7th Meeting Of The Intergovernmental Commission For Trade, Economic And Technical Cooperation Was Held In Abu Dhabi

 Today, November 26, the Minister of Industry and Trade of the Russian Federation Denis Manturov, together with the Minister for Foreign Affairs and International Cooperation of the United Arab Emirates Abdallah Al Nahyan, held the seventh meeting of the Intergovernmental Russian-Emirates Commission on Trade, Economic and Technical Cooperation.

The meeting was preceded by the talks between the head of the Ministry of Industry and Trade of Russia and the Minister of Foreign Affairs and International Cooperation, the co-chairman of the IPC. The parties discussed topical issues of the Russian-Emirate relations.

The UAE is one of the leading foreign policy and trade and economic partners of Russia in the Persian Gulf region and the Middle East in general. Taking into account the confidential and constructive nature of the existing dialogue between the two countries, and also considering the tone that regular and productive contacts between the leaders of the two countries ask, the parties expressed confidence that the meeting of the Commission will mark a new successful stage in the joint work.

"The consistent expansion of mutually beneficial trade, economic, industrial, investment, humanitarian and cultural ties fully meets the long-term interests of our countries and serves the cause of maintaining peace and stability in regional and global dimensions," the minister said.

Opening the plenary session of the IPC, Denis Manturov noted that the elimination of unnecessary barriers to direct contacts has already had a positive effect on the level of the saturation of business ties and the volume of trade that is growing at a high rate.

One of the most important areas of cooperation is the oil and gas sector, where countries historically are world leaders. There are already a number of ongoing joint projects, Mubadala Petroleum is evaluating new licensed sites in the Tomsk, Omsk and Orenburg regions. In addition, the joint development of ecologically safe technologies for offshore production, advanced processing and transportation of hydrocarbons represents a great potential for development. In the future, cooperation will be intensified on the purchase of liquefied natural gas, and the scope of natural gas will be expanded, including use as motor fuel, exchange of experience and technologies.

Cooperation is actively developing in the sphere of food security. The list of Russian enterprises exporting livestock products to the UAE market has been expanded. Also considered is the possibility of forming a large grain hub in the UAE to ensure stable supplies of Russian grain to the countries of the Persian Gulf and the entire Middle East.

At the IPC meeting, the prospects for expanding mutual supplies of innovative products in such sectors as nuclear and renewable energy, aerospace, navigation and air communication, and telecommunications services were considered. Russia is consulting with the Atomic Energy Corporation of the UAE on the development of mutually beneficial cooperation, including the reprocessing of spent nuclear fuel from the Baraka nuclear power plant and the use of regenerated fissile materials for the fabrication of innovative fuel based on REMIX technology.

At the end of the IPC, the final protocol of the 7th meeting of the Intergovernmental Russian-Emirates Commission for Trade, Economic and Technical Cooperation was signed, as well as a Memorandum of Understanding between the Federal Agency for Tourism and the Ministry of Economy of the UAE on cooperation in the field of tourism.

On the same day, Abu Dhabi hosted a business forum "Russia-UAE: Prospects for Business Cooperation", which Denis Manturov opened with the Minister of Economy of the United Arab Emirates, Sultan bin Said al-Mansuri.

The head of the Ministry of Industry and Trade of Russia once again stressed that Russia is interested in expanding trade and economic relations and industrial cooperation with the Arab Emirates and invited Arab partners to take part in the main Russian industrial exhibition "INNOPROM", as well as to use SPIC mechanisms to localize production in the territory of the Russian Federation.

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