As the UAE seeks to strengthen trade ties with fast-growing economies in the Middle East, Asia and Africa, its non-oil exports are set to reach a record $381 billion in the first half of 2024, up 25 percent from the same period last year. Non-oil exports accounted for 18.4 percent of total trade, up from 16.4 percent in the first half of 2023.
The double-digit expansion in foreign trade bucked a global trend of slowing trade growth and was driven by the signing of so-called comprehensive economic partnership agreements with several countries, Minister of State for Foreign Trade Dr. Thani Al Zeyoudi said in a statement on Sunday.
Al Zeyoudi said the new trade figures “demonstrate the resilience of the UAE economy, which is a result of our unwavering commitment to building strong and productive public-private partnerships, and fostering collaborative growth with emerging global economies.”
The UAE plans to sign similar trade agreements with 26 countries and has so far signed agreements with India, Turkey, Israel, Indonesia, Cambodia and Georgia, and is in negotiations with Serbia, Vietnam, the Philippines, New Zealand and Ecuador.
These deals are seen as crucial to achieving the UAE’s ambitious target of increasing non-oil trade to nearly $1.1 trillion by 2031.