Emirates News Agency – Al-Zeyoudi: The country’s non-oil foreign trade recorded historical figures in the first nine months of 2022, topping 1.637 trillion dirhams

Emirates News Agency – Al-Zeyoudi: The country’s non-oil foreign trade recorded historical figures in the first nine months of 2022, topping 1.637 trillion dirhams

Emirates News Agency – Al-Zeyoudi: The country’s non-oil foreign trade recorded historical figures in the first nine months of 2022, topping 1.637 trillion dirhams

ABU DHABI, January 8 / WAM / His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, reiterated that the UAE’s quest for more global economic partnerships is reflected in the value of the country’s non-oil foreign trade, which recorded unprecedented historic numbers in the first nine months of 2022 by surpassing them : 1.637 trillion dirhams, a 19% growth compared to the same period in 2021, a 50% increase compared to the same period in 2020 and a 30% increase compared to the same period in 2019. He said, that it has consolidated its recovery from the impact of the Covid-19 pandemic and its return to higher than pre-pandemic rates.

Al-Zeyoudi said in an opinion piece that this coincided with a noticeable increase in the country’s non-oil exports, which accounted for 20% of total foreign trade, compared to 12% 5 years ago, as well as re-exports, which are currently contributing 45% while the share of imports fell to 55% compared to more than 62% 5 years ago.
He added that this confirms that the strategy of economic diversification is successful along with the growth and expansion of our foreign trade, which also proves that the plans to double GDP to 3 trillion dirhams by 2030, of which trade is an integral part , are also moving in the right direction, coupled with efforts to solidify the country’s position as a global business hub, a preferred destination for talented, innovative and innovative ideas, and a haven for foreign direct investment in search of promising opportunities.

He pointed out that cosmopolitanism is an authentic Emirati approach practiced by the state since its inception as an active and reliable member of the international community, and it strives to contribute and work to address global challenges, of which economic challenges are the core are now more urgent than ever.

In this regard, Al-Zeyoudi referred to the priorities set by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai “may God protect him” when chairing the first session of the Council Ministers in the new year who are 5 government priorities in 2023 including international economic partnerships and emirate enlargement.

His Excellency spoke in an opinion piece that at a time when some countries around the world are increasingly heading towards protectionism and isolationism, the UAE continues to strengthen its global presence by opening up to the world and expanding its network of trading partners through extensive economic partnerships expand agreements with a carefully selected group of important markets Strategy internationally and regionally He said that the importance of this approach on the part of the UAE does not depend on the economic, commercial and investment benefits for the two parties of these agreements, but expand contribution to consolidating the position of the State as a key player in efforts to enhance international cooperation to revitalize the global economy and address current challenges posed by escalating inflation rates and potential recession through partnership, acting together and constructive efforts are the best means to ensure sustainable growth, stability and security in a complex world.
He added that the UAE’s willingness to open up to the world and work to remove barriers to the flow of trade and investment between its parts is a constant approach as trade has always been an integral part of history and the world heritage of the country was and still is a bridge between East and West.
He stressed that placing the expansion of the country’s global economic partnerships at the top of the government’s priorities in 2023 gives more impetus to relentless efforts to finalize broader economic partnership agreements after the UAE managed to secure three deals with India and India in 2022 Conclude Israel and Indonesia, and the first has already entered into force, it came into force in early May last year, and its positive impact was clearly shown in the country’s non-oil foreign trade data for the first nine months of the year, while the second agreement was approved by the governments of the two countries in preparation for its implementation soon, and the third agreement will be attached to them in the near future.
The UAE’s Comprehensive Economic Partnership Agreements with India and Indonesia, according to His Excellency, open wide horizons for Emirati products and services and open up tremendous opportunities for exporters in the markets of these two countries, which are inhabited by more than 1.750 billion people, with 1.4 billion in India and 350 million in Indonesia. India is the sixth largest economy in the world and is expected to improve its rank to occupy higher positions in the coming years, as will Indonesia which is showing good growth rates.
His Excellency said: In connection with this, the UAE is continuing its advanced talks to finalize further agreements with 5 other countries. Similar discussions will begin shortly with other countries in Africa, Asia, Europe and South America. This goes hand in hand with the continuation of the negotiation path under the umbrella of the Cooperation Council of the Arab Gulf States with China, Korea and the United Kingdom and a group of economic blocs.
He stressed that the Comprehensive Economic Partnership Agreements aim to build solid trade and investment partnerships based on the realization of common interests with a group of the most important strategic markets around the world to ensure the flow of trade, services and investments as they do are the greatest incentive for sustainable economic and social development. These countries and blocs with which the state seeks to enter into deals represent about 95% of world trade and this trend is creating more opportunities for growth and prosperity for the state’s non-oil trade to achieve the goals of the Fifty Projects and We Are the Emirates 2031 Vision” aims to increase trade, the UAE Ministry of Foreign Affairs to 4 trillion dirhams and an increase in non-oil exports to 800 billion dirhams.
He stressed that the conclusion of these comprehensive economic partnerships is in line with recent trends in economic development, especially the policy of positive openness and building fruitful international partnerships adopted by the UAE, especially since this type of agreement is an ideal way and an ideal tool for accelerating the global economic recovery process and overcoming the limited size of local markets, as well as absorbing regional and industrial projects and attracting foreign direct investment. It also supports economic diversification efforts by promoting national exports, developing trade exchanges and developing them into outcomes that help support the country’s sustainable development strategies and help support the investment environment in the country, attracting foreign direct investment so that the Country occupies a leading position in terms of foreign investment flows, thereby supporting position as a center of commerce and economy as a global trade hub.
He stressed that the choice of the UAE to host the 13th World Trade Organization Ministerial Conference reflects the UAE’s prestigious global position on the international trade map today, especially as this conference, seen as a turning point in the organisation’s history, will mark the future of the reshape international trade to play its role. It aims to revitalize the global economy and stimulate its sustainable growth, citing the saying of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State: “May God protect him” that the UAE will cooperate with 164 countries in this important global event, to “inaugurate a new era of free trade for the benefit of mankind”.

Zakaria Mohieldin / Bassam Abdel Samie

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