On the margins of the annual meetings of the International Monetary Fund, IMF, and the World Bank Group in Washington, Obaid Humaid Al Tayer, U.A.E. Minister of State for Financial Affairs, participated in the Deauville Partnership Finance Ministers’ meeting.
The participants discussed the outcomes of the partnership, which was launched to support Arab countries in transition and achieve economic, political and social reform. These included improvements to economic stability and sustainable growth, which has led to job creation, particularly among youth and women, the development of SMEs as well as enhanced economic governance.
The meeting was chaired by German Finance Minister Wolfgang Schaeuble.
The Deauville Partnership with Arab Countries in Transition is an international effort launched by the G8 in May 2011 to support countries in the Arab world engaged in transitions. The Partnership includes Canada, Egypt, France, Germany, Italy, Japan, Jordan, Libya, Kuwait, Morocco, Qatar, Russia, Saudi Arabia, Tunisia, Turkey, U.A.E., the United Kingdom, the United States, the European Union, and international financial institutions and organisations.
The Deauville Partnership recognises the important progress that has been achieved in a number of countries undergoing transition and committed to maintaining their support for these transitions in four key priority areas: stabilisation, job creation, participation/governance, and integration.
Al Tayer will inaugurate the reception of U.A.E. banks and financial institutions later on Friday. The reception is organised by the Ministry in coordination with the U.A.E. Embassy in Washington, the U.A.E. Central Bank and Dubai International Financial Centre (DIFC), and sponsored by ten local Emirati banks.
Yousef Al Otaiba, U.A.E. Ambassador to the United States, will participate in the ceremony, alongside finance ministers, central bank governors and institutional investors and delegates who will be participating in the annual meetings of the IMF and the World Bank.
Later today on the margins of the IMF and the World Bank meetings, Minister Al Tayer will sign on behalf of the U.A.E. an avoidance of double taxation agreement with Uruguay.
The agreement stipulates the required exchange of information and implementation of transparency principles, in accordance with the G20 Global Forum on Transparency and Exchange of Information for Tax Purposes standards.
These agreement also include a number of normative acts which will be used to divide tax profits between the two countries and avoid tax evasion.