Economic reforms in the UAE: The UAE hopes to conduct rapid trade negotiations, and some deals will be signed within 6-12 months

this United Arab Emirates Its trade minister said on Tuesday that it will seek a positive timetable for negotiating economic agreements with eight countries that it wants to deepen trade relations, hoping that it can conclude some of these negotiations within a year.

The Gulf country, which is already a global trading center, announced plans this month to strengthen trade and economic ties with countries such as India, the United Kingdom, Turkey, and South Korea.

“We really hope…at least the first batch will be completed in six months to a year. So we are talking about very active, fast work and fast negotiations,” said Tani, Minister of State for Foreign Trade Alzeiudi Told Reuters in an online interview.

He did not specify any country.

this UAE Bilateral economic agreements will be reached with eight countries in the fields of trade, foreign direct investment and tourism.

The other countries where the UAE has expressed its desire to deepen trade relations are Ethiopia, Indonesia, Israel and Kenya.

The UAE government stated that at the pre-pandemic level, the total annual non-oil trade between the UAE and these eight countries is close to US$70 billion. For example, officials estimate that within five years of reaching an economic agreement, non-oil trade with India may increase from US$40 billion per year before the pandemic to US$100 billion.

The UAE was struggling to consolidate its position as the business center of the Middle East after being severely hit by the pandemic due to economic contraction last year and facing increasing economic competition from Saudi Arabia.

Al Zeyoudi stated that the UAE is focused on strengthening its own economy, without mentioning Saudi Arabia or paying attention to what other countries are doing in the region, but added that economic competition between countries is natural and healthy.

The renewed focus on the economy is also after the resetting of its self-confident foreign policy, which has taken measures to repair tensions with regional powers Turkey and neighboring Qatar.

Al Zeyoudi said that the UAE hopes to establish economic and trade relations with these countries and the regional power Iran.

Al Zeyoudi, who is in the United States, also said that he has discussed with his American counterparts the tariffs imposed by the United States on UAE aluminum and steel imports, and he hopes that this matter can be “resolved.”