International & Regional Partnerships: Role and Objectives
The Ministry of Finance (MoF) is keen on building strategic international partnerships. The aim is to enhance the UAE's financial, economic and commercial relations with international and regional organisations and funds, as well as various countries with thriving economies and knowledge-based expertise.
International Financial Relations and Organizations Department reports directly to the Assistant Under Secretary of the International Financial Relationship Sector. It is responsible for preparing MoF participation in the joint economic commissions, providing suggestions and mechanisms to promote international financial relations, and following-up the implementation of these recommendations. Additionally, it is responsible for preparing international memorandums of understanding with other countries to strengthen the financial position of the country.
The department is also responsible for strengthening financial and economic cooperation with regional and international countries, financial institutions, organisations and development funds, as well as coordinating with institutions regarding international aid programs. It also contributes to the gathering of information regarding donations and aid granted by the state in accordance with the relevant authorities to promote global financial competitiveness of the state.
These partnerships aim to:
- Create an investment climate and eliminate all obstacles that may negatively affect the economic and investment activity of both government and private sectors in the UAE
- Promote the UAE as a prime destination for investors to make various investments
- Leverage technical services provided by regional and international organisations and institutions
- Apply international standards of competitiveness, transparency and exchanging tax information
- Promote and ensure free movement of capital between countries
- Protect investments from risks such as nationalisation and confiscation
- Open new markets for intraregional trade
- Promote imports, exports and free trade
- Avoid double taxation between the UAE and other countries
MoF seeks to enhance the position of the UAE and its foreign partnerships through a number of initiatives. This includes effective contribution in regional and international financial organisations, institutions and funds such as IMF, World Bank, the OPEC development fund, Deauville International Partnership that aim to support economic reforms in Arab countries. Plus, IFAD fund for agricultural development and the Global Forum on Transparency and Exchange of Information.
The UAE is already home to the headquarters of a number of regional and international institutions that includes:
- Office of Bank for Reconstruction and Development (IBRD)
- The International Finance Corporation (IFC)
- International Centre for Biosaline Agriculture (ICBA)
- International Islamic Centre for Reconciliation and Arbitration (IICRA)
- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
- Arab Monetary Fund (AMF)
- Regional Office of Arab Authority for Agricultural Investment And Development (AAAID)
- The Organisation for Economic Co-operation and Development (OECD) / Regional Centre for MENA region
- Branch of International Islamic Trade Finance Corporation (ITFC) of the Islamic Development Bank Group
- The OPEC Fund for International Development (OFID)
- The International Fund for Agricultural Development (IFAD)
- The Global Forum on Transparency and Exchange of Information
MoF considers annual spring meetings of World Bank Group and IMF a real opportunity to publicize the financial and economic sector at both government and private levels in the UAE. The strong relations between the UAE, represented by MoF and IMF - in line with Article IV of the IMF’s Articles of Agreement – has led to the development of government financial policies. It also promotes and strengthens the UAE network of financial and economic relations with various countries, and regional and international financial institutions.