Emirates News Agency – Al-Zeyoudi/The Emirates are the capital of world trade

Emirates News Agency – Al-Zeyoudi/The Emirates are the capital of world trade

Emirates News Agency – Al-Zeyoudi/The Emirates are the capital of world trade

The UAE is the capital of world trade.

Opinion article written by His Excellency Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade.

ABU DHABI, January 8 / WAM / His Excellency Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, spoke in an opinion piece on “WAM” about strengthening the UAE’s global presence with more cosmopolitanism by expanding its network of trading partners through comprehensive Economic Partnership Agreements with a carefully selected group of markets of strategic importance internationally and regional. He also addressed the consolidation of the country’s position as a major contributor to efforts to strengthen international cooperation to revitalize the world economy.

Below is the text of the article:

Cosmopolitanism is an authentic Emirati approach practiced by the state since its inception as an active and trusted member of the international community, and strives to contribute and work to address global challenges, at the heart of which economic challenges have become more pressing now than ever. Confirming this approach, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, said “may God protect him” as he chaired the first meeting of the Council of Ministers in the new year. Identified 5 government priorities for 2023, including and expanding international economic partnerships for the UAE.
This comes as some countries around the world increasingly gravitate toward protectionism and isolationism, while the UAE continues to strengthen its global footprint with greater cosmopolitanism, expanding its network of trading partners through comprehensive Economic Partnership Agreements with a carefully selected group of strategically important markets internationally and regional.
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 to these agreements, but rather helps to consolidate the country’s position as a major contributor to efforts to strengthen international cooperation to revitalize the world economy and to meet the current challenges of rising inflation rates and a possible recession through partnerships, joint action and constructive efforts as the best means to ensure sustainable growth, stability and security in a complex world.
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 results in a resolute Emirati approach, as trade has always been an integral part of the country’s history and heritage what this has done was and still is a bridge between East and West.
Putting the expansion of the country’s global economic partnerships at the top of the government’s priorities in 2023 gives further impetus to relentless efforts to finalize broader economic partnership agreements after the UAE achieved 3 agreements with India, Israel and Indonesia in 2022 to complete. and the first has already entered into force. In early May, its positive impact was evident in the state’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 imminent one implementation, and the third agreement will be attached to them very soon.
The UAE’s Comprehensive Economic Partnership Agreements with India and Indonesia open wide horizons for Emirati products and services, opening up tremendous opportunities for exporters in the markets of these two countries, inhabited by more than 1.750 billion people, of which 1.4 billion are in India and 350 million in Indonesia, and India is the sixth largest economy in the world, its ranking is expected to improve to occupy higher positions in the coming years, and the same applies to Indonesia, which is showing good growth rates.
At the same time, the UAE continues 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.
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 it is the greatest catalyst for sustainable economic and social development can be achieved. 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.
The conclusion of these comprehensive economic partnerships is in line with recent trends in economic development, in particular the policy of positive openness and building fruitful international partnerships adopted by the UAE, 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.
The UAE’s push for more global economic partnerships is reflected in the value of the country’s non-oil foreign trade, which in the first nine months of 2022 recorded unprecedented historical numbers by topping 1.637 trillion dirhams, a 19% growth compared to the United Arab Emirates in the same period of 2021 and an increase of 50% compared to 2021. In the same period of 2020 an increase of 30% compared to the same period of 2019. That means it has its recovery from the impact of the Covid-19 Pandemic consolidated and its return to higher than pre-pandemic rates.
This coincided with a notable increase in the country’s non-oil exports, whose contribution to total foreign trade was 20%, compared with 12% 5 years ago, and re-exports, which currently account for 45%, while the share of imports has fallen to 55%, compared to more than a 62% increase from 5 years ago.
This confirms that the strategy of economic diversification goes hand in hand 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, in conjunction with efforts to consolidate the country’s position as a global business hub and preferred destination for talented, innovative and innovative ideas and a haven for foreign direct investment flows seeking promising opportunities.
The choice of the UAE to host the 13th Ministerial Conference of the World Trade Organization reflects the UAE’s prestigious global position on the map of international trade today, especially as this conference, seen as a turning point in the history of the organization, will do the future of international trade to play its hoped-for role in revitalizing the global economy and stimulating its sustainable growth, and as stressed by His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, “may God protect him”. The UAE will join forces with 164 countries at this important global event to “launch a new era of free trade for the benefit of mankind”.

Zakaria Mohieldin / Bassam Abdel Samie


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