Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, expected a significant growth in UAE’s non-oil foreign trade, especially with the signing and activation of comprehensive economic partnership agreements (CEPAs) with a number of countries by the end of this year.
Al Zeyoudi, in an interview with WAM, described as unprecedented the breakthrough achieved in the UAE’s foreign trade figures during the first half of 2022, which exceeded Dh1 trillion, a growth rate of 17 per cent over the last half of the year.
These figures also highlight the growing international demand for the Emirati market due to its attractive investment environment, the minister of state said. The country is continuing to strengthen its international partnerships with strategic markets around the world, he added, highlighting the rise in its trade with India by 20 per cent following the signing of a CEPA between the two countries, in addition to the cooperation relations with the African countries and the Republic of Türkiye. CEPAs with Indonesia and Israel, too, are expected to significantly boost trade.
Emirati products will reach a large market of nearly 1.7 billion people, including 1.4 billion people in India, which will nearly double the size of the national economy by 2030, he noted.
Foreign trade is an integral part of the national economy and a key indicator of the success of the country’s economic diversification policies and the development of its economic sectors amidst the rapid global economic recovery in oil prices, which will have a positive effect, he further added.