UAE economy has grown 24-fold in 53 years

The UAE has signed Comprehensive Economic Partnership Agreements (CEPAs) with 24 countries and six of them are in operation, said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade.

The agreements are designed to either eliminate or substantially reduce customs duties and tariffs on the import and export of goods in order to boost trade between the countries.

While speaking on the first day of the inaugural edition of Abu Dhabi Business Week, Al Zeyoudi added that CEPAs have helped the country boost its non-oil trade to record highs.

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“The UAE’s 2031 agenda places a strong emphasis on trade. We are targeting Dh4 trillion in non-oil foreign trade over the next seven years and increasing exports to Dh800 billion, thanks to our Comprehensive Economic Partnership Agreements. Since 2022, we have concluded multi-level free trade deals with 24 nations around the world and six of which are in full operation including with key partners India and Turkey. These agreements provide enhanced market access to nearly a quarter of the world’s population. The results speak for themselves. In the first half of non-oil trade reached an all-time high Dh1.39 trillion, which represents an 11.2 per cent increase year on year,” the Minister said during the keynote address.

He added that the UAE has been able to grow its economy 24 folds in the past 53 years and the country’s GDP, FDI and non-oil foreign trade defy global trends.

“In an uncertain economic landscape, the UAE is a centre of growth and opportunities. This is no accident,” he said, adding that it is mainly due to natural resources that wealth is being used for the long-term development of social, industrial and educational sectors.

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