Abu dhabi: Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, stated that the UAE's non-oil foreign trade is continuing to grow robustly, projecting to reach AED3.8 trillion by 2025. This growth rate surpasses 26%, significantly higher than the global average growth rate for international trade, which stands at approximately 7%, as per data from international organizations.
According to Emirates News Agency, Dr. Al Zeyoudi attributed these results to the successful directives of the UAE's wise leadership and an approach rooted in economic diversification. This strategy, combined with ongoing expansion in Comprehensive Economic Partnership Agreements (CEPAs), has solidified the UAE's position as a leading global hub for trade and business.
He further detailed the remarkable growth of the UAE's non-oil exports, which have increased by over 45%, surpassing the 2031 targets by reaching AED813 billion. Dr. Al Zeyoudi emphasized that all indicators suggest non-oil foreign trade is on the right track, bolstered by efforts to ensure seamless supply chains and enhance their resilience.
The minister highlighted the pivotal role of countries involved in CEPAs in driving this growth. Trade with India increased by over 15%, Trkiye by more than 15%, Chile by 85%, Jordan by over 37%, Australia by around 37%, Malaysia by 22%, and Indonesia by 12%, demonstrating the practical success of these agreements in fulfilling economic and trade goals.
Dr. Al Zeyoudi noted the Comprehensive Economic Partnership Agreement with Japan is in its final stages before official signing, alongside significant progress in negotiations with Ecuador. He also mentioned that negotiations with the European Union are advancing positively, nearing completion, especially with the progress made between India and the EU on outstanding issues.
He concluded by indicating that the UAE will continue to expand its network of trade partnerships, particularly in Asia and Africa, in ways that support sustainable development goals and enhance the competitiveness of the national economy.