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UAE’s non-oil foreign trade soars to AED163.7bn (US$450bn) in first nine months (9M) of 2022, up 19% from same period in 2021, 50% from 2020 and 30% from 2019 .
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said this coincided with a significant increase in the country’s non-oil exports, whose contribution to total foreign trade increased to 20 percent from 12 percent five years ago, reiterating a report by WAM Exports now contribute 45 percent, while imports have fallen to 55 percent, compared with more than 62 percent five years ago, it said.
This confirms that the economic diversification strategy goes hand in hand with the growth and expansion of the country’s foreign trade, which also points to plans to double the GDP to AED3 trillion by 2030, of which trade is integral part) is also pushing in the right direction, combining efforts to cement the country’s position as a global business hub and destination of choice for talent, innovators and ideas, and a safe haven for investment streams looking for promising opportunities, he said in Op-Ed to WAM.
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The UAE continues to leverage its global reach, opening up to the world and expanding its network of trading partners through comprehensive economic partnership agreements with carefully selected market groups of international and regional strategic importance.
Expanding the country’s global economic partnerships is at the heart of the government’s priorities for 2023, adding further impetus to its relentless efforts to craft a more comprehensive economic partnership agreement.
During 2022, the UAE has successfully concluded three agreements with India, Israel and Indonesia, the first of which came into effect last May to positively reflect the country’s non-oil foreign trade figures for the first nine months of the year. The second item has been approved by the two governments and is ready to be implemented, and the third item will follow up in the near future.
The UAE’s Comprehensive Economic Partnership Agreement with India and Indonesia opens the door for UAE products and services and unlocks huge opportunities for exporters to enter the markets of the two countries, which are home to more than 1.75 billion people: India 1.4 billion, India 350 million in Indonesia. India is now the sixth largest economy in the world, a coveted status that is even expected to rise even further in the coming years; the same applies to Indonesia, whose record shows impressive growth rates.
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Meanwhile, the UAE continued high-level talks to finalize more agreements with five other countries. Similar negotiations will soon begin with other countries in Africa, Asia, Europe and South America. Meanwhile, negotiations continue with China, South Korea and the UK, as well as some economic blocs under the umbrella of the Gulf Cooperation Council (GCC).
The Comprehensive Economic Partnership Agreement aims to establish a solid trade and investment partnership based on mutual benefit with a series of important strategic markets around the world. This is to ensure the seamless flow of trade, services and investment as an important catalyst for sustainable economic and social development. The total foreign trade of these countries and blocs with which the UAE intends to sign agreements accounts for approximately 95 percent of global trade.
This trend creates more opportunities for growth and prosperity in the country’s non-oil trade to achieve the goals of the “50th Century Project” and the vision of “We UAE 2031”, increasing the UAE’s foreign trade to AED 4 trillion rams and, subsequently, non-oil exports to 800 billion dirhams.
Actively open
The conclusion of the Comprehensive Economic Partnership is in line with recent economic development trends, especially the UAE’s policy of actively opening up and building fruitful international partnerships, especially since such agreements are ideal means and tools to accelerate global economic development. recovery process, overcoming the limited size of local and regional markets, accommodating industrial projects, and attracting foreign direct investment.
It also supports economic diversification efforts by promoting the country’s exports, developing trade exchanges and developing them into outputs that help support the country’s sustainable development strategy, support the country’s investment climate, and attract foreign direct investment so that the country’s leading position in the region, thereby supporting its commercial and economic status as a center of global trade.
“Opening up to the world is a truly Emirati practice practiced by the UAE since its inception as an active and reliable member of the international community, keen to contribute to overcoming global challenges.
The priorities identified by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, when he chaired the first ministerial meeting of the new year, make up the five government priorities for 2023, of which Includes UAE economic partnerships and their extensions.
Expand partner network
At a time when some countries in the world are increasingly moving towards protectionism and isolationism, the UAE continues to leverage its global influence to expand its network of trading partners through comprehensive economic partnership agreements with carefully selected market groups, opening up to the world with international and regional strategic significance.
The importance of this approach is not limited to the economic, commercial and investment dividends reaped by the parties to these agreements, but also extends to ensuring that the country is consolidated as a major contributor to efforts to strengthen international cooperation to revive the global economy and to help it overcome currency Rising inflation and the looming challenge of recession. This can be achieved through partnerships, synergies and constructive efforts to ensure sustainable growth, stability and security in a complex world.
The UAE is keen to open up to the world and strive to remove barriers to the flow of trade and investment. This translates into what the UAE has always done. As trade has always been an integral part of the country’s history and heritage, it has always been, and still is, something that stands for bridge between parties.
recovering from covid
The UAE also consolidated its recovery from the impact of Covid-19, recording higher rates than in the pre-pandemic period.
The choice of the UAE to host the 13th Ministerial Conference of the World Trade Organization (WTO) reflects the country’s prestigious global position on today’s international trade map, especially as the conference is seen as a turning point in the organization’s history, reshaping The future of international trade, as confirmed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, will play its desirable role in revitalizing the global economy and stimulating its sustainable growth, which he said the UAE will Partnering with 164 countries at a major global event to launch a new era of free trade for the benefit of humanity — trade arab news agency
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