The value of exchanges between Japan and the Arabian Gulf states amounted to $33.2 billion last year, of which $15 billion were oil exchanges. In 2000, the trade balance between the two parties reflected a $16.3 billion surplus in favor of Japan, reported Al-Sharq Al-Awsat daily.
Japan obtains 85 percent of its energy requirements from foreign sources, with the Arabian Gulf states providing 76 percent of this demand. This rate is expected to maintain an upward trend in the future.
Promotion of economic relations between Japan and the Gulf States was explored at a recent international symposium titled The Japanese Experience in Development-Lessons and Opportunities in the Gulf, held in Abu Dhabi.
According to Japan’s ambassador to the UAE, Toshio Machizuki, economic interdependence, political stability, free trade policies and environmental concerns are all good reasons for nurturing economic relations between the Gulf Sates and Japan be nurtured. ― (MENA Report)
© 2001 Mena Report (www.menareport.com )