A bilateral investment treaty, which enables investment flows between two countries and protects investors, was signed with the Middle Eastern state in Dubai yesterday – the first time that Jersey has entered into such an arrangement.
Negotiations on the Jersey-UAE BIT, which is ‘designed to promote responsible investment’, has been ongoing since 2018.
The agreement was signed 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.
Senator Gorst 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.’
