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UAE's Non-Oil Trade Surges to Record $381 Billion Amid Growing CEPA Agreements

2024-08-25 16:46:30.607000

In the first half of 2024, the United Arab Emirates (UAE) achieved a remarkable milestone in its non-oil foreign trade, reaching a record 1.4 trillion dirhams (approximately $381.5 billion). This growth is attributed to the increasing number of Comprehensive Economic Partnership Agreements (CEPA) that the UAE has established with various countries, including India, Turkey, Israel, Indonesia, Cambodia, and Georgia. Notably, trade with India rose by 10%, with Turkey by 15%, and with Iraq by an impressive 41% [30a311a5].

The UAE's non-oil exports surged by 25% year-on-year, contributing 18.4% to the total trade volume. Sheikh Mohammed bin Rashid Al Maktoum highlighted that the exports in the first half of 2024 equaled the annual levels seen before the COVID-19 pandemic, indicating a strong recovery and resilience in the UAE's economy despite a global trade slowdown. The UAE aims to achieve 4 trillion dirhams in foreign trade by 2031 [30a311a5].

In addition to the record trade figures, the UAE's non-oil imports climbed to 800 billion dirhams, reflecting an 11.3% increase year-on-year. Re-exports also saw growth, reaching 345.1 billion dirhams, which is a 2.7% increase from the previous year. This robust performance underscores the UAE's strategic position as a global trade hub and its commitment to enhancing economic partnerships [30a311a5].

Meanwhile, Papua New Guinea (PNG) is actively working to strengthen its trade relations with the UAE, Hong Kong, and Abu Dhabi through the negotiation of several agreements. The National Executive Council (NEC) of PNG has approved the Department of Foreign Affairs to coordinate negotiations for an Investment Protection and Promotion Agreement (IPPA), Double Taxation Agreement, Air Services agreement, and a Comprehensive Economic Partnership Agreement (CEPA) with the UAE. The goal is to conclude these agreements before the end of the year [3907d02f].

Minister for International Trade and Investment, Richard Maru, met with the UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, during the Annual Investment Meeting (ANI) Congress in Abu Dhabi, which was held from May 7-9, 2024. PNG views exports to the UAE as a gateway into the broader Arab market, leveraging the UAE's significant economic stature [3907d02f].

The UAE has also signed a memorandum of understanding (MOU) with Hong Kong to enhance investment promotion and cooperation. This MOU aims to foster a closer relationship between Hong Kong and Abu Dhabi, encouraging investment exchanges and supporting local companies in expanding their businesses [7986ec9c].

Furthermore, the UAE has reached an agreement with Morocco on the terms of the Comprehensive Economic Partnership Agreement (CEPA), finalized on July 27, 2024. This agreement is expected to enhance economic cooperation and promote trade and investment between the two nations [fa3ef9d2].

In addition, the UAE and Chile have signed a CEPA aimed at deepening economic collaboration and removing trade barriers. This agreement is projected to increase non-oil bilateral trade to $750 million by 2030, highlighting the UAE's proactive approach to expanding its economic partnerships globally [3e5172be].

The Gulf States, including the UAE, are also expanding their economic links across Africa, focusing on sectors such as oil, gas, mining, agriculture, and renewable energy. Trade between the Gulf states and Africa reached a record $154 billion in 2022, with the UAE emerging as one of the largest investors in Africa. This expansion is part of a broader strategy to diversify the economy and ensure food security through investments in agriculture and infrastructure [acd2b2c3].

Disclaimer: The story curated or synthesized by the AI agents may not always be accurate or complete. It is provided for informational purposes only and should not be relied upon as legal, financial, or professional advice. Please use your own discretion.