UAE delegation visit Czech Republic to sign Avoidance of Double Taxation Agreement

PRAGUE: A high-level delegation from the UAE visited the Czech Republic, headed by Ahmed Ali Al Sayegh, Minister of State, with the aim of expanding bilateral cooperation in various areas of common interest.

The delegation included Saeed Mubarak Al Hajri, Assistant Minister for Economic and Trade Affairs; Abdullah Al Mazrouei, President of the Federation of UAE Chambers of Commerce and Industry, and a large number of senior representatives from ministries and companies from the public and private sectors.

During the visit, Al Sayegh held bilateral meetings with Petr Fiala, Prime Minister of the Czech Republic; Jozef Sikela, Minister of Industry and Trade; Zbynek Stanjura, Minister of Finance; Jiri Kozak, Deputy Minister of Foreign Affairs; Jana Vohralikova, Head of the Office of the President; and Tomas Pojar, National Security Adviser, during which the two sides affirmed both countries’ desire to enhance cooperation in all fields, especially trade and investment.

The visit also witnessed the signing of the Avoidance of Double Taxation Agreement, which was signed by Al Sayegh on behalf of the UAE and Stanjura from the Czech side. In this regard, Al Sayegh said, “The signing of this agreement and the keenness to establish a Joint Economic Committee, as well as the exchange of high-level visits, reflect the mutual desire of the UAE and the Czech Republic to deepen bilateral relations which extend for more than three decades, in all fields, particularly in economy and trade.”

The two sides also discussed bolstering cooperation in the field of climate action in light of the UAE’s hosting of the upcoming Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), during which participants will conduct a global stocktake of progress made towards achieving the global climate objectives set out in the Paris Agreement.

During the visit, Al Sayegh highlighted that the bilateral economic relationship has notably developed in recent years, especially after the signing of an economic, trade, and technical coordination agreement in January 2022, which heralded a new era of stronger economic ties.

The agreement also led to the development of effective programs and mechanisms to explore prospects for cooperation and partnerships in the fields of trade, investment, and knowledge exchange that will contribute to sustainable economic growth in both countries.

Al Sayegh underscored that the UAE enjoys a wide network of economic, trade, and investment partnerships with global markets in various continents and noted that the UAE leadership adopted a strategy to develop these partnerships as part of the UAE Centennial 2071, especially in key sectors related to the future economy.

He added, “The Czech Republic is a prominent economic destination and an important partner for the UAE in Central Europe. It has strong economic and industrial infrastructure and is rich in potential opportunities through which a sustainable and fruitful partnership can be built with the UAE business sector.”

For his part, Saeed Al Hajri, Assistant Minister for Economic and Trade Affairs, affirmed that the visit opens up new horizons to elevate cooperation between the two countries and will contribute to strengthening the UAE’s position as a vital gateway for Czech exporters and investors to leverage opportunities in local markets and expand them to other countries, regionally and globally.

The two countries have signed various agreements that support the growing bilateral economic partnership, the most important of which are the Air Services Agreement, the Investment Protection and Promotion Agreement, and the Avoidance of Double Taxation Agreement.