MOSCOW, 10th November, 2016 (WAM)–xxxx. Cooperation. The UAE Foreign Minister said that the legal documents would be signed during the sixth session of the joint committee, stressing that the joint committee should continue to work for implementing its recommendations.

He praised the Russian side for resolving the issue of ‘Limitless Company’, which is expected to be completed in the near future. This also reflects both sides are ready to go the distance and resolve issues faced by the investors. Solving the issue of the Dragon Oil Company is a plus that will help promote investments between the two countries, he added.

Sheikh Abdullah praised the partnership between Mubadala and Russia Direct Investment Fund, RDIF, which commenced in 2013, and aims at investment co-operation between the two sides in the long term. The joint team works on projects in various sectors, including industry, mining, infrastructure, telecommunications, energy and logistics. Mubadala currently manages an investment base worth US$6 billion.

The number of weekly flights between the two countries now stands at 55, he added, noting this is another sign of growing co-operation.

Sheikh Abdullah invited competent authorities in both countries to co-operate to increase tourism and trade between the two countries.

The teams currently in the charge of the joint committee are working hard to activate the strategic relationship between the two countries, he said. The task force is now focussing on regional co-operation, investment and industry, innovation and more collaboration in the field of aluminium, in addition to a team tasked with banking and financial matters.

He praised the resolutions passed by the second meeting of the task force on regional co-operation and investment, co-chaired by Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy, and Alexander Tsybulskiy, Deputy Minister of Economic Development, Russian Federation. The meeting was held in St. Petersburg in March this year.

He further expressed his gratitude to the heads and members of the preparatory committee for their efforts that led to the success of that meeting, and hoped that the next meeting would be hosted by the UAE.

The Russian Industry and Trade Minister said that the meetings are expected to push forward the bilateral relations between the two countries.

He said that the statistics in Russia indicate an increase of up to 16 per cent in the volume of trade exchange between Russia and the UAE, worth US$890, during the first eight months of this year. This spells well, but is still not in sync with the level of bilateral relations that the countries enjoy, especially in terms of available opportunities in public and private sectors.

The Russian minister referred to the existing ties with the UAE in a number of vital areas, and said that he is looking forward to increasing bilateral trade exchanges to include areas such as agriculture and modern technology.

The Russian Minister stressed his country is keen to bolster mutual co-operation in various fields, based on the excellent relations between the two countries and the vital role played by the UAE in the region.

The duo signed the minutes of the sixth meeting of the Joint Committee and were also present during the signing of the MoUs between the UAE Anti-Money Laundering and Suspicious Cases Unit and the Central Bank of Russia on legalising the proceeds of laundering and financing of terrorism crimes.

They also attended the signing of MoUs on technical co-operation in standardisation and metrology, besides conformity assessment between the Emirates Authority for Standardisation and Metrology and the Federal Agency on Technical Regulating and Metrology of Russia.

The UAE Ministry of Foreign Affairs and International Co-operation had organised the meetings of the joint committee in co-ordination with the Ministry of Industry and Trade of Russian Federation.

The UAE Ministry of Economy and the UAE Federation of Chambers of Commerce and Industry also participated in the meetings, along with the Ministry of Industry and Trade of Russia. They addressed the opportunities and possibilities for co-operation and investment, strengthening the trade and economic exchanges, and encouraging participation in trade fairs held in both countries.

Meetings were also held between the Central Bank of UAE and the Central Bank of Russia, during which they signed another MoU on co-operation to fight against crimes related to money laundering and terrorism funding.

A meeting was also held between the Ministry of Economy and representatives of the tourism sector in Russia during which they discussed opportunities for co-operation in the field of tourism.

The Executive Council of the Government of Sharjah also discussed opportunities for co-operation with the Russian tourism companies to attract Russian tourists to the emirate.

The UAE Ministry of Climate Change and Environment and the Ministry of Agriculture of Russia discussed co-ordinated moves in areas such as plant health care and food security, as well as exchanging information on the regulations, procedures and standards applicable to the import and export of agricultural and food products.

In the area of nuclear energy – only to be used for peaceful purposes – the UAE Emirates Nuclear Energy Corporation held talks with its Russian counterpart regarding opportunities in terms of research, development and training, as well as infrastructure development, operations and maintenance of reactors.

The representatives of the Ministry of Energy, Mubadala Development Company, International Petroleum Investment Company, IPIC, Abu Dhabi National Petroleum Company, ADNOC, Al Dhafra International Lubricants Oil Factory, Adilof, and the UAE Crescent Petroleum discussed co-operation opportunities with the Russian Ministry of Energy.

The Ministry of Culture and Knowledge Development, Twofour54, UAE Space Agency, Air Arabia and Abu Dhabi Education Council also took part in various meetings with their Russian counterparts to discuss mutual opportunities in respective fields.

Among others present were Omer Saif Ghobash, UAE Ambassador to Russia and Mohammed Sharaf Al Hashimi, Assistant Minister of Foreign Affairs and International Cooperation for Economic and Trade Affairs.

WAM/Majok