UAE targets economic agreements with 27 countries by 2031

The UAE minister of foreign trade, Thani bin Ahmed Al Zeyoudi, said that the UAE enjoys a prestigious place globally in foreign trade and is an international leading center for non-oil foreign trade, with record growth in the past years.

Al Zeyoudi emphasized that the UAE aspires to conclude comprehensive economic partnership agreements with 27 countries and economic blocs. Including 103 countries, which account for up to 95% of total global trade, what will have a positive impact on the state’s GDP increase in 2031 by $41.71 billion? The increase in exports reached $100.25 billion, representing 33% growth.

“The UAE is in talks with Colombia, Costa Rica, Chile, Kenya, Ukraine, Thailand, the Eurasian Economic Union, Vietnam, Mercosur, Malaysia, and the Democratic Republic of the Congo to conclude economic partnerships and plans to conclude 15 economic partnerships with 15 countries,” he added.

“UAE’s first comprehensive economic partnership agreements with India had achieved immediate positive results following their entry into force, with the value of non-oil trade between the two countries exceeding $54.8 billion in one year and the value of bilateral trade that the agreement targets being $100 billion per year within 5 years,” Al Zeyoudi said.

“This is what is positively affecting the country’s GDP in the coming years until 2031, by more than 2.5% and by $13 billion, bringing the total trade between the two countries in 2031 to $128 billion,” he added.

The United Arab Emirates (UAE) was the world’s fifth largest country in re-exports, contributing a 6.6% proportion to domestic output and providing about 1 million jobs, with a total export sector of AED 614.6 billion and a share of its contribution to the total non-oil trade of the 28% state in 2022.

Al Zeyoudi emphasized that the target of doubling the re-export sector to increase its value added to GDP is 3.5 times the current impact, as the expected increase in jobs is 600,000 jobs.

“The target’s re-export strategy will focus on geographical sectors and regions by identifying markets with high untapped potential and high growth markets,” he said.