UAE Sets New Milestones In Non-Oil Foreign Trade Growth: Thani Al Zeyoudi

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlighted the UAE's focus on foreign trade as a key element of its economic strategy. He stated that this approach is essential for boosting industrial production, enhancing global competitiveness, and fostering innovation.

The UAE's non-oil trade has shown consistent growth, reaching AED1.395 trillion in the first half of 2024. This marks the sixth consecutive half-year period of growth in foreign trade. Dr. Al Zeyoudi noted that this represents an 11.2 percent increase compared to the same period in 2023.

Dr. Al Zeyoudi emphasised that sectors such as gold, silver, jewellery, oils, perfumes, aluminium, copper wires, and iron products have driven this surge in non-oil exports. These sectors highlight the UAE's improved global competitiveness.

The UAE's re-export operations have also seen significant growth, reinforcing its status as a global trade hub. This increase reflects international confidence in the UAE as a reliable trade partner and facilitator.

Despite a global trend of slowing trade growth, which averaged just 1.5 percent in the first half of this year, the UAE's performance stands out. Dr. Al Zeyoudi attributed this resilience to strong public-private partnerships and collaborative growth with emerging economies.

CEPA Programme Impact

Dr. Al Zeyoudi highlighted the importance of the Comprehensive Economic Partnership Agreement (CEPA) programme in achieving these record results. Bilateral trade with CEPA partners India and Türkiye grew by 15 and 9.8 percent respectively, now accounting for 11.7 percent of the UAE's total foreign trade.

"As we continue to expand and finalise more CEPA deals," he said, "we anticipate further growth, steering us toward our ambitious target of AED4 trillion in non-oil foreign trade by 2031."

"As we look to the future," Dr. Al Zeyoudi concluded, "we will ensure that the UAE continues to leverage the power of trade to drive sustainable, long-term economic growth and prosperity for our nation."

With inputs from WAM