Contributing considerably to reaching the targets of the “50 Mission” initiatives.
Dubai: Farouk Fayyad
in September 2021; The UAE authorities launched 50 nationwide financial tasks, aimed toward supporting and strengthening the nationwide economic system, as a part of the “50 Initiatives” initiatives.
These tasks chart the course of the subsequent fifty years, by means of structural and radical adjustments within the financial system, together with the empowerment of native financial sectors and nationwide employees, creating a set of legal guidelines and nationwide initiatives to empower nationwide skills, abilities, and Emirati entrepreneurs, and launching tasks to draw abilities and buyers to the UAE and constructing intensive financial partnerships.
Maybe probably the most outstanding of those tasks that the UAE has allotted to its agenda is the launch of complete financial partnerships, when the state promotes the motion of non-oil overseas commerce, in a technique that contributes to a easy, quick and unobstructed circulation. nationwide items and merchandise, in addition to an built-in display screen sources between the UAE on the one hand, and between nations Then again, companions to beat commerce limitations and cut back or get rid of customs duties.
- What are complete financial partnerships?
With the intention of contributing to the achievement of the UAE’s financial targets, the nation is working to strengthen its worldwide partnerships with strategic markets all over the world, with a view to strengthen its place as a foremost gateway for the circulation of commerce and logistics providers, and the signing of the Complete Financial Partnership Agreements (CEPA) is likely one of the foremost instruments to attain this strategic objective.
The UAE signed the primary complete financial partnership settlement with the Republic of India on February 18, 2022, and it got here into impact in early Could of the identical 12 months.
The UAE signed partnership agreements with: Israel in early April 2023 and entered into pressure, Indonesia in early September 2023, Turkey in early September 2023, Cambodia on the finish of January this 12 months 2024, and Georgia on 27 June of the 12 months. Present 12 months 2024.
The nation has additionally engaged in talks and negotiations with many nations all over the world, the latest of which was the signing with the Republic of Mauritius – the primary African nation with which the UAE signed to a complete partnership settlement – which is anticipated to be made. pressure after 3 months, in addition to talks with Vietnam, the Philippines, Kenya, Colombia, Ukraine, and different nations.
Via these agreements, the UAE seeks to extend entry to international markets, cut back or get rid of customs duties, facilitate customs procedures, present clear and clear rules, and promote competitors on the idea of truthful commerce.
- Financial diversification
A number of surprises: Why did the UAE signal complete financial partnerships, regardless of its nice financial potential and essential uncooked supplies, maybe the obvious of which is the black treasure – oil and pure fuel – which generates its future -strong enter into the governments’ budgets, federal and native, in addition to its robust infrastructure? hospitality, tourism, logistics providers, and many others.?
What’s the secret behind these offers? Maybe the UAE authorities’s route and imaginative and prescient of the longer term, particularly for the 12 months 2071, by which the UAE is making an attempt to desert oil as a supply of revenue, overcome the oil barrel about lastly as a result of this is likely one of the most essential sectors that assist its nationwide economic system, and attempt to diversify the non-oil economic system, together with many sectors and commerce actions. used as pure elements that contribute to growing the gross home product of the UAE. As certainly one of his foremost priorities for the subsequent section, he has recognized plans and techniques that can permit him to shortly attain his objective, a very powerful of that are the excellent financial partnership agreements.
With the confirmed indicators and information, the UAE’s non-oil overseas commerce has skilled important progress because the signing of the primary complete partnership settlement with India, with a rise of 45%, and with 800 billion dirhams, based on information from the Federal Middle. for Competitiveness and Statistics.
In 2021; Non-oil commerce reached the UAE; 1.8 trillion dirhams, distributed amongst imports of 992 billion dirhams, exports to 332 billion dirhams, and re-exports amounting to 464 billion dirhams.
Subsequent 12 months (2022); UAE commerce rose to about 2.17 trillion dirhams, distributed amongst: imports amounting to 1.22 trillion dirhams, nationwide exports to 368 billion dirhams, and re-exports to 583 billion dirhams.
On the finish of final 12 months 2023, the nation’s commerce rose to 2.6 trillion dirhams, divided as: imports at 1.4 trillion dirhams, exports at 441 billion, and re-exports at 690 billion.
Relating to state imports, they elevated over the previous three years by 41%, with 408 billion dirhams, leaping from 992 billion in 2021 to 1.4 trillion dirhams by the top of 2023.
Nationwide exports additionally jumped 33%, representing a rise of 109 billion dirhams, to 441 billion in 2023, in comparison with 332 billion in 2021.
Sturdy re-export items rose 49%, by 226 billion, to 690 billion in 2023, in comparison with 464 billion in 2021.
The UAE’s commerce with India – as the primary complete financial partnership settlement signed by the UAE – elevated by 21%, amounting to 35 billion dirhams, reaching round 165 billion dirhams in in 2021, and rising in 2022 to 190 billion, and to 200 billion. dirhams in 2023.
Non-oil inside commerce between the UAE and Turkey elevated by 104% in 2023, and Turkey’s share within the nation’s whole overseas commerce rose to five.1%, making it the quickest rising among the many 10 largest buying and selling companions.
Turkey topped the checklist of UAE non-oil export recipients, due to the robust efficiency that started in August and September 2023, and within the final 5 months of 2023, it alone obtained round on 60% of UAE exports, similtaneously the beginning of implementation. of the partnership settlement between the 2 nations initially of September / September 2023.
When it comes to gross home product at fixed costs, the UAE economic system achieved a progress of 13.3% in the identical interval (2021-2023), with a rise of 200 billion dirhams, because the nation’s gross home product reached 1.5 trillion dirhams in 2021, and it rose to 1.62 trillion dirhams the next 12 months (2022), and reached 1.7 trillion dirhams, as on the finish of final 12 months, 2023.
When it comes to non-oil manufacturing, it elevated by 170 billion dirhams for the years between 2021-2023, a progress of 16%.
The full non-oil exercise of the state in 2021 was about 1.08 trillion dirhams, and it rose the next 12 months 2022 to 1.17 trillion dirhams, and to 1.25 trillion dirhams on the finish of final 12 months 2023.
- Negotiations and negotiations
The full variety of complete financial partnership agreements for the UAE because the program was launched till the top of final 12 months 2023 reached 10 agreements with nations of strategic, industrial and funding significance, on 4 continents, which represents a significant growth within the nation’s overseas nation. commerce community and supply extra alternatives to the non-public sector And the Emirati enterprise neighborhood, in probably the most dynamic economies on this planet.
In 2023, the UAE’s Complete Financial Partnership Agreements with Turkey, Indonesia, and Israel entered into pressure, resulting in the elimination or discount of customs duties, eradicating limitations to commerce, and opening up market alternatives for it exporters and buyers.
The ultimate phrases of complete financial partnership agreements have been additionally reached with South Korea, Colombia, and Congo-Brazzaville.
The UAE has additionally begun negotiations to achieve related agreements with a bunch of different nations, together with Serbia, Ukraine, Eurasia, Australia, the Philippines, Malaysia, Costa Rica, Kenya, Chile, and Vietnam.
The Complete Financial Partnership Programme, which additionally consists of beneath its umbrella the partnership settlement with India which entered into pressure in Could 2022, is anticipated to extend the UAE’s exports by 33 %, and that it’s going to add greater than 153 billion dirhams to the nation’s gross home product by 2031. , which represents a progress of about 10%, in comparison with 2022. The UAE has additionally launched a brand new re-export program a launch that can broaden the businesses’ geographic attain, counting on the nation’s world-class infrastructure and its strategic place as a worldwide logistics heart for the re-export of products all over the world.
The UAE’s re-export sector contributes 6.6% to the nation’s gross home product, offering roughly 1.3 million job alternatives.
Partnership Goals:
- Growing entry to international markets
- Lowering or eliminating customs duties
- Serving to customs procedures
- Supplies clear and clear guidelines
- Promotion of competitors based mostly on truthful commerce
A very powerful industrial achievements (2021 – 2023):
- 800 billion dirhams improve in UAE commerce
- 41% improve in imports with 408 billion
- 33% improve in exports with 109 billion
- 49% progress in re-exports with 226 billion
2024-07-28 19:11:05
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