Stumbling Block for Free Trade Agreement Between EU and Emirates

The Emirates are "Austria's largest trade and economic partner in the region and thus a significant factor for the economic success of our domestic export companies," said Chancellor Christian Stocker (ÖVP) on Wednesday after a meeting with the Minister of Industry of the United Arab Emirates, Sultan Ahmed al-Jaber, in Vienna.

Minister of Industry and ADNOC Chief al-Jaber received by Stocker in Vienna

"We want to further deepen this strategic partnership and close cooperation not only on a bilateral level but also strengthen it at the EU level. Therefore, we explicitly support the conclusion of a free trade agreement between the European Union and the United Arab Emirates and are committed to enhanced economic cooperation," said Stocker. The Chancellor also highlighted the recent agreement between the partially state-owned Austrian energy company OMV and the state-owned ADNOC (Abu Dhabi National Oil Company) regarding the merger of their two petrochemical subsidiaries Borealis and Borouge.

The cooperation was a topic of discussion with al-Jaber, who is also the CEO of ADNOC. Stocker pointed out that the headquarters of the Borouge Group International, a 60 billion euro global market leader, will be located in Austria in the future. This is a significant signal for the industrial and research sector as well as the financial and capital market and Austria as a business location. "A billion-euro investment that creates high-quality jobs and sets new impulses for the capital market," said the Chancellor.

"Letter of Intent" between OMV and Masdar

During the minister's visit to Vienna, a "Letter of Intent" between OMV and Masdar for green hydrogen was also signed. Additionally, collaborations in the field of Artificial Intelligence between the UAE and Austria were initiated, announced Minister of Economic Affairs Wolfgang Hattmannsdorfer (ÖVP) in a press release. "With hydrogen, Artificial Intelligence, and trade, we are building a bridge to the Emirates. Because: In a time of global uncertainty, new, strong partnerships are needed to secure jobs, maintain our prosperity, and ensure our social infrastructure in the long term," emphasized Hattmannsdorfer.

Al-Jaber stated "sustainable growth" as a common goal of both countries and pointed out that bilateral trade has grown by 75 percent to 1.6 billion euros over the past five years. "We are building on this solid foundation to expand our cooperation in forward-looking areas. This includes the production of high technology and clean energy, as well as research, innovation, and Artificial Intelligence," the minister was quoted in the press release. He extended an invitation to Austrian companies to explore the potential of the UAE.

The Letter of Intent concerns potential collaboration on green hydrogen, synthetic kerosene, and other sustainable chemicals. The aim is to jointly find new production opportunities in Austria, the UAE, as well as Central and Northern Europe. OMV CEO Alfred Stern highlighted his company's "distinctive innovative strength," which provides "tailwind for a forward-looking realignment of the industry and acceleration of decarbonization - in Austria and in the UAE." In AI, it is about the bilateral exchange of leading experts in this field.

Meinl-Reisinger Welcomed Al-Jaber

Al-Jaber was also received by Foreign Minister Beate Meinl-Reisinger (NEOS). She referred in a press release to the agreement on the strategic partnership between Austria and the UAE, which was signed in 2021.

(APA/Red)

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