During the year 2023, the comprehensive economic partnership agreements program continued the process of successes that it had begun since its launch in September 2021, as three agreements entered into force in 2023, and two others were officially signed in preparation for their ratification and then they entered into force later after completing the necessary procedures. In addition to four agreements, the terms of which were reached after the successful completion of talks with partner countries, bringing the total number of comprehensive economic partnership agreements for the UAE since the launch of the program to 10 agreements with countries of strategic commercial and investment importance on four continents, which represents a major expansion in the country’s foreign trade network. It provides more opportunities for the private sector and the UAE business community in some of the most vibrant economies in the world.
In 2023, the UAE’s Comprehensive Economic Partnership Agreements with Turkey, Indonesia and Israel entered into force, eliminating or reducing customs duties, removing barriers to trade and opening market opportunities for exporters and investors. In addition, comprehensive economic partnership agreements were signed with two countries with promising economies, Cambodia and Georgia, both of which will be implemented in the first half of 2024, while the final terms of the comprehensive economic partnership agreements were also reached with South Korea, Colombia, Mauritius and Congo. Brazzaville. The UAE has also begun talks 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 Programme, which also includes under its umbrella the partnership agreement with India that entered into force in May 2022, is expected to increase the UAE’s exports by 33% and contribute more than 153 billion dirhams to the country’s gross domestic product by 2031, representing Growth of approximately 10% compared to 2022.
Achievements
His Excellency Dr. Thani bin Ahmed Al Zeyoudi stressed that the year 2023 witnessed the achievement of a group of important achievements within the UAE’s foreign trade agenda through the Comprehensive Economic Partnership Agreements program, which guarantees – so far – access to markets that include approximately 2 billion people, that is, about a quarter of the world’s population. .
He said: “Trade has always been of special importance to the UAE, as it is the bridge that connects us to the world and supplies our economy with the latest ideas and innovations. Foreign trade has also now become, thanks to the forward-looking vision of the wise leadership, an essential pillar in achieving the national goals of doubling the size of the gross domestic product and achieving sustainable development.” “Economic diversification is a translation of the We Are the Emirates 2031 vision.”
He added: “In the past twelve months, trade has become a major driver of development, one of the most important pillars of economic policy, and an essential element in 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 repercussions of climate change. Today, trade has become a key factor in the UAE’s success story locally, coinciding with its preparations to host the ministerial conference. The thirteenth meeting of the World Trade Organization next February.
commerce
Al-Zeyoudi explained that the value of non-oil foreign trade reached its highest levels ever in the first half of 2023, recording 1.24 trillion dirhams, while exports witnessed significant growth to reach 205 billion dirhams, representing another record.
In addition to the success of the Comprehensive Economic Partnership Agreements program, the UAE has strengthened its leadership presence in the field of open, comprehensive and multilateral trade through many initiatives aimed at facilitating and modernizing trade chains. In January 2023, the UAE launched the “Trade Technology” initiative in partnership with the World Economic Forum in Davos, which aims to accelerate the digitization of international supply chains, enhance customs procedures, and improve developing countries’ access to the global trading system.
The UAE also implemented a new strategy for service exports that works to create new opportunities for Emirati commercial activities in this sector, which already represents 2.2% of the total global service trade. In addition, the UAE has launched a new re-export program that will expand the geographical reach of companies, relying on the UAE’s world-class infrastructure and its strategic location as a global logistics center for re-exporting goods across the world. The UAE re-export sector contributes 6.6% to the country’s gross domestic product, creating about 1.3 million job opportunities.
The UAE played an important role in devoting an official day to trade at the COP28 conference for the first time, which included the focus during a full day of discussions that explored what the public and private sectors can do together to build 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 field of global trade, which will witness the presence of member states, customs unions, and international trade organizations and institutions in Abu Dhabi to discuss the future of global trade.
Al-Zeyoudi stressed that, through his position as President of the Thirteenth Ministerial Conference, he will seek to emphasize the advantages of expanding and modernizing trade chains and their role in achieving comprehensive and sustainable development, especially in developing countries.
2024-01-01 09:37:28
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