Russian, UAE foreign ministers agree on need to expand business ties between 2 countries - Russian Foreign Ministry

MOSCOW. March 17 (Interfax) - Russia and the United Arab Emirates have expressed mutual interest in developing cooperation in investments and industry and strengthening business ties, the Russian Foreign Ministry said on Thursday.

"The sides expressed the common view that there is a need for further expanding business ties and securing a sustainable positive dynamic in bilateral trade, which last year reached an all-time high, surpassing 5 billion U.S. dollars," the Russian Foreign Ministry said in a statement published on its website following talks between Russian Foreign Minister Sergei Lavrov and his UAE counterpart Abdullah bin Zayed Al Nahyan.

The two ministers "noted the coordinating role being played in this regard by the intergovernmental Russia-UAE Commission on Trade, Economic and Technological Cooperation," it said.

"They "expressed interest in developing interaction in the area of investments and industrial cooperation," it said.

At the meeting, the ministers reiterated "the commitment of Moscow and Abu Dhabi to enhancing multifaceted mutually-beneficial cooperation on the basis of agreements reached following the state visit by Russian President Vladimir Putin to the UAE in October 2019 and the principles set forth in the Declaration on Strategic Partnership of June 1, 2018," it said.