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TRADE TO JUMP BY $10.89bn

UAE eyes major economic partnership deals with 8 nations

ABU DHABI, September 6, 2021

The UAE Government will undertake comprehensive economic partnership agreements with eight key global markets around the world as part of the efforts to consolidate the UAE’s position as a main gateway for global trade and investment. 
 
The agreements are part of the new bold strategic projects aimed at fostering the UAE’s new phase of growth  under the "Projects of the 50" initiative, an ambitious growth strategy as the nation celebrates its golden jubilee and embarks on the 50 years to come, said a Wam news agency report.
 
The agreements aim to achieve an AED40 billion ($10.89 billion) annual increase to the UAE’s current AED257 billion trade volume with these markets.
 
The agreements fall under the UAE's global economic partnerships strategy, which aims to double the size of the national economy from AED1.4 trillion to AED3 trillion over the next 10 years, it said.
 
The countries with which deals were signed are distinguished by large markets that constitute 10 percent of the world’s GDP, with an economic exchange among these countries worth $80 billion. Besides being home to 26 percent of the world’s population, the eight countries possess large markets with high demand for goods and services, in addition to strong trade and economic relations in their respective regions.
 
The initiative will help develop the UAE’s network of trade and investment partners, ensure the flow and growth of Emirati trade with the world, and confirm the important role of the UAE in developing and facilitating global trade.
 
In conjunction, the UAE Government also approved the "Higher Committee for Economic Agreements" to oversee the expansion of partnerships with new markets and seize new investment and economic opportunities to sustain the growth of the national economy.
 
Abdullah bin Touq Al Marri, Minister of Economy , was appointed as the committee’s chairman, while Suhail Mohamed Al Mazrouei, the Minister of Energy and Infrastructure, has been appointed as the vice chairman.
 
Committee members are: Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs; Dr Thani Al Zeyoudi, Minister of State for Foreign Trade; Ali Al Neyadi, Commissioner (Chairman) of Federal Customs Authority; Khaled Mohamed Balama, Governor of the UAE Central Bank; Khaldoon Khalifa Al Mubarak, member of Abu Dhabi’s Executive Council, Founding Chairman of the Executive Affairs Authority of the Government of Abu Dhabi and Group CEO of Mubadala; and Abdulla Al Basti, Secretary General of The Executive Council of Dubai.
 



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