The United Arab Emirates (UAE) and Mexico are forging stronger economic ties, with non-oil trade between the two nations reaching $2.2 billion in the first ten months of 2024, marking a 1% increase compared too the same period in 2023. This growth builds on a significant 20.8% surge in 2023, when trade volumes hit $2.6 billion, up from $2.1 billion in 2022. These figures,released by the UAE Ministry of foreign Trade, underscore the deepening economic collaboration between the two countries.
### Strengthening Trade and Investment Relations
During an official visit to Mexico City, Dr. Thani bin Ahmed Al Zeyoudi, UAE minister of State for Foreign Trade, met with senior Mexican officials, including Juan Ramon de Lafuente, Minister of Foreign Affairs, and Marcelo Ebrard Casaubon, Minister of Economy. The discussions focused on fostering partnerships between the private sectors of both nations, with an emphasis on sectors such as agriculture, industry, services, infrastructure, and tourism. Dr. Al Zeyoudi highlighted the mutual commitment to elevating trade and investment relations, stating, “There is a common will and mutual keenness between the UAE and Mexico to raise trade and investment relations to the level of the aspiring development goals of the two friendly countries.”
The UAE and Mexico are exploring opportunities to create a trade and investment corridor, leveraging thier strategic positions as key growth regions in the global economy. This initiative aims to strengthen supply chains and open new avenues for collaboration in promising fields. Dr. Al Zeyoudi emphasized that the steady growth in non-oil trade over the past years reflects the potential for further economic integration, saying, “the continued growth in non-oil trade between the UAE and Mexico confirms that there are promising prospects for developing new partnerships.”
### Private Sector Engagement and Future Prospects
The visit also included meetings with prominent business leaders, such as Francisco Cervantes, President of the Federation of chambers of Industry in Mexico (CONCAMIN), and Jose de Jesus Rodriguez Cárdenas, President of the National Chamber of Commerce, Services, and Tourism in Mexico City. These discussions centered on enhancing cooperation, identifying investment opportunities, and facilitating business expansion for companies in both countries. Dr. Al Zeyoudi’s engagements with Mexican businessmen and representatives of major companies further underscored the commitment to building robust private sector partnerships.### Key trade Data at a Glance
To provide a clearer picture of the growing economic ties, here’s a summary of the trade figures between the UAE and Mexico:
| year | Non-Oil Trade Volume | Growth Rate |
|————|———————-|————-|
| 2022 | $2.1 billion | – |
| 2023 | $2.6 billion | 20.8% |
| 2024 (10M) | $2.2 billion | 1% |
### A Vision for Mutual Growth
The UAE and Mexico are not only strengthening their economic ties but also laying the groundwork for long-term collaboration. By focusing on sectors with high growth potential and fostering private sector engagement, both nations aim to create a enduring trade and investment ecosystem. As Dr. Al Zeyoudi noted, “The creation of a trade and investment corridor between two critically important growth regions in the world will serve the common interests of both sides.”
For more insights into the evolving economic landscape between the UAE and Mexico, explore the latest updates on Dubai Eye 103.8 and Sharjah24.
The future of UAE-Mexico relations looks promising, with both nations committed to unlocking new opportunities and driving mutual growth in the years to come.
UAE and Mexico: Strengthening Economic Ties and Building a Trade Corridor
Table of Contents
The United Arab Emirates (UAE) and Mexico are deepening their economic collaboration, with non-oil trade reaching $2.2 billion in the first ten months of 2024.This marks a 1% increase compared to the same period in 2023, building on a significant 20.8% surge in 2023. To explore the implications of this growing partnership, we sat down with Dr. Sofia Martinez, an expert in international trade and economic advancement, to discuss the latest developments and future prospects.
Strengthening Trade and Investment Relations
Senior Editor: Dr. martinez, thank you for joining us. The UAE and Mexico have seen steady growth in non-oil trade. What do you think is driving this trend?
Dr. Sofia Martinez: Thank you for having me. The growth in non-oil trade between the UAE and Mexico is a result of strategic efforts by both governments to diversify their economies. The UAE, as an example, has been actively reducing its reliance on oil exports, while Mexico is leveraging its industrial and agricultural sectors. The recent meetings between Dr.Thani Al Zeyoudi and Mexican officials highlight a shared commitment to fostering partnerships in key sectors like agriculture,infrastructure,and tourism.
Senior Editor: Dr.Al zeyoudi mentioned the creation of a trade and investment corridor. What does this mean for both nations?
Dr. Sofia Martinez: A trade and investment corridor would essentially create a direct pathway for goods, services, and investments between the UAE and Mexico. Given their strategic geographic locations—the UAE as a gateway to the Middle East and Africa, and Mexico as a bridge between North and South America—this corridor could considerably enhance supply chain efficiency and open up new markets for businesses in both countries.
Private Sector Engagement and Future Prospects
Senior Editor: How significant is private sector engagement in this partnership?
Dr. Sofia Martinez: Private sector engagement is crucial. During Dr. Al Zeyoudi’s visit, he met with key business leaders like Francisco Cervantes of CONCAMIN and Jose de Jesus Rodriguez Cárdenas of the National Chamber of Commerce. These discussions are vital for identifying investment opportunities and facilitating business expansion. The private sector drives innovation and growth, so their involvement ensures that the partnership is not just government-led but also market-driven.
Senior Editor: What sectors do you see as having the most potential for collaboration?
Dr. Sofia Martinez: Agriculture, renewable energy, and technology are notably promising. Mexico has a strong agricultural base, while the UAE is investing heavily in food security. Similarly, both nations are focusing on renewable energy and digital transformation, which opens up opportunities for joint ventures and knowledge sharing.
A Vision for Mutual Growth
Senior Editor: Looking ahead, what do you think the future holds for UAE-Mexico relations?
Dr. Sofia Martinez: The future looks very promising. Both nations are committed to unlocking new opportunities and driving mutual growth. The steady increase in non-oil trade volumes over the past few years is a strong indicator of the potential for deeper economic integration. If they continue to focus on high-growth sectors and foster private sector collaboration, we could see a robust and enduring trade ecosystem that benefits both countries.
Senior Editor: Thank you, Dr.Martinez,for your insights. It’s clear that the UAE and Mexico are on a path to building a strong and mutually beneficial partnership.
Dr. Sofia Martinez: Thank you. It’s an exciting time for both nations, and I look forward to seeing how this partnership evolves.
For more updates on the evolving economic ties between the UAE and Mexico, visit Dubai Eye 103.8 and Sharjah24.
