Thani Al Zeyoudi Highlights Importance Of Intra-Regional Collaboration At Asia Cooperation Dialogue Forum In Doha

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, attended the Asia Cooperation Dialogue (ACD) Business Forum in Doha, Qatar, from October 2-3, 2024. This event brought together delegations from across Asia to strengthen regional cooperation on trade, economic growth, and infrastructure development. It also aimed to address global challenges like food security and climate change mitigation.

During his speech at the summit, Al Zeyoudi highlighted the UAE's dedication to strengthening trade relations with Asia. He noted that Asia is vital to the UAE's non-oil foreign trade goals. The continent accounts for 59% of the UAE's total global trade and receives 72.7% of its exports. These figures are on an upward trend.

The UAE's non-oil trade with Asia reached US$224 billion in the first half of 2024, marking a 31% increase over two years. Al Zeyoudi stressed the significance of the Comprehensive Economic Partnership Agreement (CEPA) programme in enhancing trade with Asia. Since May 2022, the UAE has concluded 13 CEPAs, with eight involving Asian or Asia-Pacific countries.

Al Zeyoudi stated, "In an increasingly complex global economy, the importance of collaboration with your closest neighbours will only grow. This is particularly true with Asia, where more than 60 percent of the goods made within the continent stay within the continent." He emphasised that Asia offers secure supply chains and high-growth markets for UAE's private sector investments in manufacturing, agriculture, and energy.

The forum also focused on "Artificial Intelligence and New Business Models." Al Zeyoudi remarked on the UAE's commitment to using advanced technologies to improve global supply chain efficiency. Through CEPA agreements, they aim to promote digitised trade with Asian nations by developing technical and regulatory frameworks for modernising goods and services exchange.

Al Zeyoudi engaged in productive bilateral discussions with key officials from several Asian countries during the forum. These included meetings with Arju Rana Deuba from Nepal, Pichai Naripthaphan from Thailand, Ihsaan Afzal Khan from Pakistan, and Zogi Zadeh Zogi Amin from Tajikistan.

Asia Cooperation Dialogue: A Platform for Growth

The ACD was founded in 2002 as a pan-Asian platform promoting cooperation among Asian nations in areas such as trade, technology, and sustainable development. The forum plays a crucial role in advancing these objectives by fostering dialogue and collaboration among member countries.

This week's forum is expected to significantly contribute to achieving these goals by facilitating discussions on investment opportunities and partnerships that support economic growth and development objectives across Asia.

With inputs from WAM