A draft agreement with the United Arab Emirates has been approved that allow for for economic and technical cooperation as a basis for future negotiations, the Bulgarian cabinet has said.

Under the document adopted Tuesday, the countries will work to promote the role of small and medium enterprises in economic relations.

It will also pave the way for Bulgaria and UAE to organize business visits, exhibitions and fairs.

Exports to the UAE went down in 2015, at BGN 416.7 M compared to BGN 529 M in the previous year, while imports from the Gulf state increased by nearly 40%, from BGN 98.3 M in 2014 to BGN 138.2 M last year.

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