Tuesday, February 20, 2024

10 Comprehensive Economic Partnership Agreements for the UAE on 4 continents and active negotiations with a group of other countries to conclude similar agreements soon.

Date:

In 2023, the Comprehensive Economic Partnership Agreements program continued the process of successes that began since its launch in September 2021, with three agreements entered into force in 2023, and two more agreements officially signed. Entered into force after completing the necessary procedures, in addition to the four agreements, terms reached after successful completion of negotiations with partner countries, bringing the total number of Comprehensive Economic Partnership Agreements for the UAE since the launch of the program. With 10 agreements with countries of strategic commercial and investment importance on four continents, this represents a major expansion in the country's foreign trade network, providing greater opportunities for the private sector and the UAE business community in one of the world's most vibrant economies. .

In 2023, the UAE's Comprehensive Economic Partnership Agreements with Turkey, Indonesia and Israel came into force, eliminating or reducing tariffs, removing barriers to trade and opening up market opportunities for exporters and investors. In addition, Comprehensive Economic Partnership Agreements were signed with promising economies Cambodia and Georgia, both of which will be implemented in the first half of 2024, while the final terms of Comprehensive Economic Partnership Agreements were also reached with South Korea. Colombia, Mauritius and Congo.Pressaville.. The UAE has started negotiations to reach similar agreements with a group of other countries including Serbia, Ukraine, Eurasia, Australia, the Philippines, Malaysia, Costa Rica, Kenya, Chile and Vietnam.

The comprehensive economic partnership plan, which also includes a joint agreement with India, which came into effect in May 2022, is expected to increase the UAE's exports by 33% and contribute more than Dh153 billion to the country's GDP by 2031. , representing growth of approximately 10% compared to 2022.

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Achievements

His Excellency Dr. Thani bin Ahmad Al Saidi emphasized that the year 2023 saw the achievement of a group of important achievements within the UAE's Foreign Trade Agenda 2023 through the Comprehensive Economic Partnership Agreements program. A billion people, that is one-fourth of the world's population. .

He said: “Trade has always been of special importance to the UAE because it connects us to the world and provides our economy with the latest ideas and innovations. Foreign trade has also changed now, thanks to the perspective. The vision of the wise leadership is to double the GDP and achieve the national goals of sustainable development. A key pillar in achieving

He added: “Over the past twelve months, trade has become a key driver of growth, one of the most important pillars of economic policy and an essential component of foreign relations. During the recently concluded Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), the role of trade was emphasized as a new front to address the effects of climate change. Today, trade has become an important factor in the UAE. The thirteenth meeting of the World Trade Organization will be held next February.

Trade

Al-Zeyoudi explained that the value of non-oil foreign trade in the first half of 2023 recorded 1.24 trillion dirhams, while exports saw significant growth and reached 205 billion dirhams, representing another record.

In addition to the success of the Comprehensive Economic Partnership Agreements programme, the UAE has strengthened its leadership position in the open, comprehensive and multilateral trade sector. In January 2023, the United Arab Emirates launched the “Trade Technology” initiative with the World Economic Forum in Davos, which aims to accelerate the digitization of international supply chains, improve customs procedures, and improve developing countries' access to the global trading system.

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The UAE has also implemented a new strategy for service exports, creating new opportunities for Emirati business activity in the sector, which already accounts for 2.2% of total global services trade. In addition, the UAE has introduced a new re-export program that expands the company's geographic reach, relying on the UAE's world-class infrastructure and its strategic location as a global logistics hub for re-exporting goods around the world. The UAE re-export sector contributes 6.6% of the country's GDP, creating around 1.3 million jobs.

The UAE played a key role in the first-ever Official Day of Trade at COP28, in which the public and private sectors come together for a cleaner, smarter and more comprehensive trading system.

Next February, the UAE will host the Thirteenth Ministerial Conference of the World Trade Organization, the highest decision-making body in the global trade sector, which will see member states, customs unions and international trade organizations and institutions present in Abu. Dabi to discuss the future of global trade.

Through his position as Chairman of the Thirteenth Ministerial Conference, Al-Siodi stressed that he is trying to emphasize the benefits of expanding and modernizing trade chains and their role in achieving comprehensive and sustainable development, especially in developing countries.

Bill Dittman
Bill Dittman
"Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

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