Creation of foreign trade minister's post 'is a step in the right direction'

Abu Dhabi: Officials and economists on Monday praised the establishment of a new foreign trade ministry headed by Shaikha Lubna Al Qasimi, saying the move is a step in the right direction towards greater specialisation in the federal government's institutions.

The increasing diversification of the economy, including the massive expansion in the trade infrastructure, necessitated the move which comes to support the country's endeavours to become the trading hub of the region.

"This move comes in the context of enhancing the government's performance which necessitates more specialisation to tackle the many diverse issues related to economic activities, the backbone of the country's overall development," said Saeed Al Merri, deputy director of the Federal Customs Authority (FCA).

Within the GCC, the UAE already accounts for the majority of imported goods through other member countries, according to the FCA.

The mega infrastructure developments for air and sea freight throughout the country will only result in increasing the country's position as one of the most important trading centres not only in the Middle East but also at the global level.

With a trade surplus of about Dh250 billion and with re-exported goods valued at about Dh200 billion in 2007, the growth prospects of the sector are infinite, according to econ-omists.

"Specialisation has become a necessity in line with the country's ambitious economic expansion and diversification plans, and that includes all levels of the government, and establishing this new ministry is one of the manifestations for the implementation of the national strategy introduced by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, vice-president and prime minister of UAE and Ruler of Dubai," said Dr Nasser Saidi, the chief economist at DIFC.