ABU DHABI — The UAE’s non-oil foreign trade continues to benefit from the visionary leadership’s strategic approach. This success is attributed to directives promoting international trade and investment openness, expanding the UAE’s network of global trading partners, and reinforcing its role as a global gateway for goods and commodities, said Dr. Thani bin Ahmed Al Zeyoudi, the country’s Minister of State for Foreign Trade.
These achievements align with the country’s strategic plans, operationalized through the Comprehensive Economic Partnership Agreement (CEPA) Programme with nations of strategic significance in global trade.
“In the first half of 2023, the country’s non-oil foreign trade reached an unprecedented US$337.6 billion, marking a 14.4 percent growth compared to the same period in 2022. This upward trend has been consistent since 2020,” Al Zeyoudi remarked.
He further noted the alignment of these historic trade figures with the UAE’s recent CEPA signings. “Agreements with India and Israel, effective from May 2022 and April 2023 respectively, have had a clear impact on the trade volume between the UAE and these nations.”
“The UAE’s foreign trade will continue to thrive due to these CEPAs. Agreements with Türkiye and Indonesia are slated for implementation in early September, promising to significantly influence our trade with these key global players. We have other agreements ready for future implementation, and several more are in the final stages of negotiation, awaiting signature,” he elaborated.
Al Zeyoudi emphasized the UAE’s commitment to expanding foreign trade, in line with its goals to diversify the economy and double the national GDP. This focus is on sectors centered around innovation, knowledge, advanced technologies, and the future economy.
“The first half of 2023 saw a remarkable increase in the UAE’s non-oil exports, surpassing the total of 2017 and nearing the 2018 figure, highlighting the swift progress of our economic diversification initiatives,” he said.
Al Zeyoudi stated that the UAE would place a growing emphasis on trade in services in the future, aiming to enhance service exports globally through an extended network of trading partners.