Japan and the United Arab Emirates have recently intensified their economic collaboration by holding the second round of negotiations for the Economic Partnership Agreement (EPA) in Dubai from February 24 to 26, 2025. This meeting marks a significant step toward enhancing trade relations between the two nations, which have been exploring various modalities of cooperation.
The negotiations included representatives from both sides, with Japan’s delegation led by Mr. Takahashi Katsuhiko, Ambassador for International Economic Affairs and chief negotiator. The UAE’s team was headed by Juma Al Kait, Assistant Undersecretary for International Trade Affairs Sector. Both sides engaged actively on key topics such as General Provisions, Trade in Goods, Rules of Origin, Trade in Services, Investment, Intellectual Property, as well as Customs Procedures and Trade Facilitation.
According to the Japanese Foreign Ministry, the negotiations were productive, with both parties committing to coordinate the dates for the upcoming third round through diplomatic channels. This set of discussions reflects the growing importance of strong bilateral trade ties, particularly as countries worldwide are increasingly assessing the benefits of forming strategic economic partnerships.
Meanwhile, on February 26, 2025, it was announced by Mastercard and Checkout.com they are collaborating to revolutionize money transfers within the UAE by leveraging the latter’s technological capabilities. The fusion of Mastercard Move’s solutions with Checkout.com is poised to offer seamless disbursement and payout processes for individuals and businesses across the region.
This alliance aims to enable quick and secure fund transfers directly to Mastercard cards, facilitating diverse use cases such as gig economy salary payouts, insurance disbursements, and refunds. According to Mete Guney, Executive Vice President at Mastercard, this venture signifies the company's commitment to leading digital transformations across the markets it serves. He stated, "At Mastercard, we are dedicated to leading the digital transformation... it will set a new standard for the payment technologies we offer customers."
Remo Giovanni Abbondandolo, General Manager for MENA at Checkout.com, echoed similar sentiments, explaining, "Mastercard is our trusted partner... this collaboration will strengthen our offerings and position us at the forefront of digital payment innovation in the region." This collaboration signifies not only technological advancement but also the evolution of payment ecosystems to meet the rapidly changing demands of consumers and businesses alike.
The convergence of these initiatives showcases the UAE's strategic plan to bolster its economic environment by fostering global partnerships and adopting cutting-edge financial technologies. With these agreements, the UAE is setting the stage to deepen its market integration, responding effectively to international demands and technological advancements. These partnerships not only benefit the involved parties, but also indicate the UAE's emergent role as a central hub for economic collaboration.
Overall, the dialogue between Japan and the UAE concerning the Economic Partnership Agreement and the collaboration between Mastercard and Checkout.com significantly contribute to the progression of the UAE's economic framework, positioning it for future growth. With advancements like these, the UAE consistently demonstrates its commitment to being at the forefront of economic innovation, which is likely to attract even more international investments and partnerships.