The UAE and Latvia have agreed on a six-track economic co-operation programme to bolster ties between the two countries.
The two nations will focus on strengthening collaboration in areas including trade and investment, innovation and advanced technology, transportation and logistics, agriculture, food, education and science, state news agency Wam reported on Thursday.
The development followed the second Joint Economic Committee session held in Dubai this week.
"Latvia is a promising economic destination and an important trade partner for the UAE in the Baltic region,” said Minister of State for Foreign Trade Thani Al Zeyoudi.
“Over the past years, we have achieved high levels of economic co-operation. Through this JEC platform, we will work to develop co-operation channels further and facilitate partnerships in many new and future areas of interest to both sides.”
The two countries will focus on bolstering ties in areas including SMEs (small and medium enterprises) , artificial intelligence, modern digital technologies, renewable energy and industry, and ICT (information and communications technology), among others, according to Mr Al Zeyoudi.
The UAE, the Arab world’s second-largest economy, is boosting trade ties with a number of countries including India, Indonesia, South Korea, Turkey and Israel.
Last month, the UAE and India, Asia’s second-largest economy, signed a Comprehensive Economic Partnership Agreement that is expected to boost non-oil trade between the two countries to $100 billion in five years, from $60bn currently.
The total value of UAE-Latvian non-oil trade reached nearly Dh624 million ($169.91m) over the past two years, while the value of mutual investments between the two countries exceeded Dh117m, with the Emirates' investment accounting for 60 per cent of that figure.
Mr Al Zeyoudi said the UAE would provide incentives to Latvian companies looking to establish or expand their operations in the country or other regional and international markets.
“Through the committee's outputs, we are keen to develop a road map to drive the co-operation between the UAE and Latvia in the next stage to increase trade, diversify investment and ensure the effectiveness and flexibility of supply chains.”
The UAE has made a strong recovery from the coronavirus-induced economic slowdown and has maintained its trade momentum despite global travel uncertainty.
Its exports are projected to expand at an average annual rate of more than 6 per cent to Dh1.1 trillion by 2030, as the UAE continues to diversify its economy away from oil, Standard Chartered said in a report last month.