In another year marked by noteworthy achievements for the UAE, a case can be made that the nation’s most significant UAE Trade Milestones 2023: Driving Growth and Economic Diversification
Trade emerged as the most significant success story for the UAE in 2023. Throughout the past 12 months, this sector served as a record-setting driver of growth and a central pillar of economic policy. Specifically, trade acted as a lynchpin of foreign relations and a new frontier in the battle against climate change during Cop28. Furthermore, as the nation prepares to host the World Trade Organisation’s 13th Ministerial Conference in February, these achievements signify growing international influence.
Breaking Records in UAE Trade
The “We The UAE 2031” vision, which Sheikh Mohammed bin Rashid Al Maktoum launched in late 2022, established trade as a cornerstone of economic development. The government targets Dh4 trillion in foreign trade and Dh800 billion in non-oil exports by 2031. Consequently, the Ministry of Economy directed its efforts in 2023 to meet these catalyzing goals. In the first half of 2023, non-oil foreign trade reached an all-time high of Dh1.239 trillion. This figure included Dh205 billion in non-oil exports, which exceeded the total recorded for the entire year of 2017.
Strategic Growth via the CEPA Programme
The landmark Comprehensive Economic Partnership Agreement (CEPA) program aims to remove tariffs and eliminate technical barriers to trade. During 2023, the UAE made extraordinary progress by signing agreements with Cambodia and Georgia. In addition, the nation implemented deals with Turkey, Indonesia, and Israel. The government concluded negotiations with South Korea, Colombia, Mauritius, and the Republic of the Congo. Furthermore, discussions initiated with several other countries including Australia, Vietnam, and the Eurasian Economic Union. This network now covers more than a quarter of the world’s population.
Leading the Global Innovation Dialogue
The UAE continues to create new global opportunities for its services exports, which account for 2.2% of the global total. In January, the nation partnered with the World Economic Forum in Davos to launch the Trade Tech Initiative. This programme accelerates the integration of advanced technologies into global supply chains. Additionally, at Cop28 in Dubai, the UAE successfully incorporated trade into the official programme for the first time. Trade Day on 4 December placed the sector at the centre of the climate debate. Overall, these efforts position the UAE as a leading voice on global trade issues as it moves toward the 13th Ministerial Conference in Abu Dhabi.
Courtesy: thenationalnews.com
