Jersey and UAE sign landmark 'first of a kind' treaty after years of talks

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Jersey and UAE sign landmark 'first of a kind' treaty after years of talks

Jersey and the United Arab Emirates have signed a bilateral investment treaty in a "historic" new post-Brexit deal for the two jurisdictions.

External Relations Minister Ian Gorst said in a tweet it was a 'first-of-its-kind' deal for the island: "Delighted to sign with the #UAE Jersey's first-ever Bilateral Investment Treaty alongside HE Minister Mohamed bin Hadi Al Hussaini at the Ministry of Finance."

This historic agreement will enhance business flows and protect investments between our jurisdictions."

Delighted to sign with the #UAE Jersey’s first-ever Bilateral Investment Treaty alongside HE Minister Mohamed bin Hadi Al Hussaini at the Ministry of Finance."

The bilateral investment treaty (BIT), which enables investment flows between two countries and protects investors, was signed in Dubai yesterday (9 November) by the Minister of State for Financial Affairs, His Excellency Mohammed Bin Hadi Al Husseini, on behalf of the Government of the UAE, and by the External Relations Minister Ian Gorst, on behalf of the Government of Jersey.

 

It marks the culmination of talks that have been ongoing for three years since 2018, in a move designed to "promote responsible investment including considerations of public health, the environment, and labour protections".

Gorst further said: "This BIT is the first of its kind for the Island and represents an important milestone in the development of the Island's international relations. It is vital that Jersey can broaden its own treaty network post-Brexit, including through agreements like BITs, which support the growth in investment between both jurisdictions.

"It presents a positive opportunity for the Island to illustrate its presence and significance on the international stage, as well as highlighting our commitment to being an innovative and outward-looking international finance centre."