Agreements between the United Arab Emirates and 8 global markets boost trade turnover by $ 40 billion

Dubai: “Gulf”

The Government of the United Arab Emirates has announced the formation of the High Level Group for Global Economic Partnership and the conclusion of a comprehensive economic partnership with 8 global markets with an influential economic position around the world.

The partnership aims to expand the country’s economic partnership boundaries around the world and promote the sustainable growth of the national economy, which aims to double the size of the national economy from the current 1.4 trillion dirhams to 3 trillion dirhams over the next ten years. Increase the volume of current trade with these markets from 257 billion dirhams to 40 billion annually.

These countries are one of the largest economies in the world, and the volume of trade between these countries is $ 80 billion; These markets account for 10% of the world’s GDP and 26% of the world’s population. In addition to strong trade and economic ties with their regional environment, they have large markets with high demand for goods and services. , Vibrant, vibrant and fast growing economies.

Foreign Trade Minister Dr. Thani bin Ahmed Al Jiudi said: The United Arab Emirates is contributing to the recovery of world trade and the redrawing of its international map through new economic and trade partnerships with world markets. Economic partnership is the gateway to sustainable growth and a train engine for global growth, so our endeavor aims to integrate efforts with our partners in global markets to take advantage of opportunities to promote prosperity and growth in our communities through the economy.

He added, “We strive to forge constructive and effective economic partnerships with these countries, and will focus our efforts on expanding the presence of our companies and traders in these markets and how to benefit from them in enhancing our global trade and exports. Attracting investments.

He added: “We are confident of the vast potential for cooperation between the United Arab Emirates and these countries in the next phase.

Promote economic diversification

It aims to support the economic contribution and the country’s sustainable development agenda, to ensure the UAE’s competitiveness in global markets, to promote the country’s economic and foreign strategic interests, to open foreign markets to Emirati exports and investment, and to attract foreign direct investment. Assisting in moving trade in and out of the country and removing any barriers to the flow of UAE exports to international markets.

This partnership sheds more light on the most important areas of focus through the “50 Projects”, establishing a new phase of comprehensive development and achieving broader economic and developmental flows in key areas of the future economy based on knowledge and innovation, including technology and health opportunities. Education, social development, economy, environment, housing, tourism, entrepreneurship, investment, skills, social values, culture, family relationships, sports, youth, food security and advanced science and technology.

Supreme Committee

The Cabinet approved the formation of the “Supreme Committee on Economic Partnership” for the United Arab Emirates, “within the Fifty Plans”, and will oversee and develop and implement action plans to expand the UAE’s economic partnership with global markets. In this case, with the intention of getting the maximum benefit from these partnerships. The country will help nurture existing partnerships, expand their scope and diversify their sectors, as well as create new partnerships with targeted partners and open new economic, investment and business areas and opportunities to promote the sustainable growth of the national economy.

The High Level Committee on Economic Partnerships is chaired by Minister of Economy Abdullah bin Dukh Al Marri and its members include Minister of Energy and Infrastructure Suhail Al Masroui, Deputy Chairman Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Ubaid Al Thayer, Minister of Finance, and Dr. Thani bin Ahmed. Al Jiudi, Minister of Foreign Trade. Abdullah Al Basti, Member of the Emirate Executive Council of Abu Dhabi and Member of the Executive Council of the United Arab Emirates, Abu Dhabi, is also the CEO and General Secretary of the Dubai Emirate Executive Council.