Abu Dhabi, UAE—-UAE’s non-oil foreign trade increased by 19 percent by the end of the third quarter, compared to the same period last year, to reach AED 1.637 trillion ($445 billion), said UAE’s Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, who predicted the trade to cross AED 2 trillion mark by the end of 2022.
Al Zeyoudi told WAM the value of exports at the end of the third quarter amounted to AED275 billion, a growth of nine percent, and re-exports recorded a growth of 22 percent, adding the country’s policies, legislations and economic relations and agreements have “begun to bear fruit”.
He said UAE’s success showed in providing the best investment environment in the world and launching the unified portal for investment and export development in ten global markets within the “10×10” programme through comprehensive trading companies.
He added, “In less than a year, we exceeded the target percentages for increasing trade exchange by 10 percent from the countries that were listed as part of the comprehensive economic partnership agreements, as the growth rate in trade exchange during the first nine months of this year with the targeted trading partners has exceeded a rate of 10 percent to reach 37 percent in some countries.”
He referred to India as an example of the positive results of the overall economic partnership agreements. The volume of trade exchange increased by 19 percent, and from May to the end of September, the growth rate of trade exchange between the UAE and India reached 23 percent, bringing the total trade exchange by the end of the third quarter of the year to AED79 billion.
“We are harvesting the fruits of Expo 2020 Dubai, as it alerted the world to the significance of the UAE as a global trade centre. After the end of the international event’s activities last March, trade and several goods and services started to flow from some countries began for the first time,” Al Zeyoudi said.
Dr. Al Zeyoudi pointed to the continuation of talks to complete more partnership agreements with other countries, including Türkiye, Georgia, Colombia and Cambodia, which represents a cornerstone for the next stage of economic growth and sustainable development.