Jamaica Looking to Strengthen Diplomatic Relations with The UAE

#Jamaica, February 23, 2022 – Jamaica is looking to strengthen diplomatic relations with the United Arab Emirates (UAE).

Minister of Foreign Affairs and Foreign Trade, Senator the Hon. Kamina Johnson Smith, who notes that the countries have shared diplomatic relations for 11 years, says the Government is “actively working” to enhance these.

She was addressing UAE entrepreneurs and other interests during a country business briefing at EXPO2020 Dubai on Friday (February 18).

Senator Johnson Smith said Jamaica and the UAE have benefitted significantly from their involvement in several bilateral and multilateral engagements over the years.

Among these, she noted, is the UAE-Caribbean Cooperation Forum in 2018, which set the framework for the countries to explore different avenues for collaboration, technical capacity building, and engagement in investment opportunities.

Additionally, the Minister said that in 2020, a Memorandum of Understanding (MOU) was signed to foster economic cooperation between Caribbean countries and the UAE, while noting that “we are also in the process of negotiating a double-taxation treaty.”

This, she explained, is based on Organisation for Economic Co-operation and Development (OECD) standard transparency, adding that “predictability is, therefore, guaranteed in relations.”

“This sets a general framework for positive engagement, in terms of investment. We believe that not only does the UAE serve as an excellent potential market for Jamaica, but that [Jamaica also] serves as an excellent potential market [for the UAE],” the Minister said, while adding that “we are close in respect of finalising that agreement.”

Senator Johnson Smith also advised that Jamaica trades with the UAE on Most Favoured Nation (MFN) terms under the World Trade Organization (WTO) of which both are members.  She said the countries are guided by these terms in the absence of a specific free trade agreement.

Noting that Jamaica is the sixth easiest country globally in which to start a business, Senator Johnson Smith said one element that makes the country’s special economic zone an excellent investment opportunity is the fact that, from there, “you can engage in economic activities that will allow your Jamaican incorporated entities to benefit from the arrangements which we have.”

“We have an Economic Partnership Agreement (EPA) which allows us preferential access into the United Kingdom. Similarly, an EPA with [the European Union] EU 27 which, again, gives preferential access to the EU 27 markets and, of course, we have the CBERA which takes place with preferential terms for trade with the United States,” she further outlined.

The Minister also informed that there are free trade and preferential trade arrangements with several other countries under CARICOM, including Cuba, Colombia, and Costa Rica.

“These are, again, great ways in which you can leverage, not only our aviation routes, north and south, and our shipping routes, but you can leverage the trade routes [established under] preferential arrangements that are already negotiated,” she further indicated.

Senator Johnson Smith advised the stakeholders attending the briefing that information on Jamaica’s trade and the terms of trade arrangements can be found on the Jamaica Trade Information Portal (JTIP).

“That will have everything that you need at the most granular level. Our Jamaica Single Window for Trade (JSWIFT) portal is also available to assist and streamline your ability to trade,” she added.

Contact: Douglas McIntosh

Release: JIS