RIYADH: Business ties between the UAE and Latvia are set to improve after the Abu Dhabi Chamber of Commerce and Industry signed a cooperation agreement with its Latvian counterpart to expand trade and investment flows between the two markets.
The agreement was formalized during the Joint Economic Committee meeting with the European country, led by the UAE’s Ministry of Foreign Trade, reflecting both sides’ commitment to deepening private sector partnerships and expanding bilateral economic cooperation, according to a press statement.
The new framework aims to facilitate trade, enhance investment flows and create opportunities for companies in both markets to expand internationally.
The agreement comes amid strengthening economic ties between the UAE and Latvia, with bilateral non-oil trade reaching $103 million in 2024, representing a compound annual growth rate of 7.5 percent over the past five years.
Ali Mohamed Al-Marzooqi, director-general of ADCCI, said: “This agreement represents an important milestone in the growing relationship between the business communities of Abu Dhabi and Latvia. Abu Dhabi offers a stable, competitive and innovation-driven business environment supported by clear regulations, advanced infrastructure and strong global connectivity.”
