The UAE completes 37 comprehensive economic partnership agreements and negotiates with 20 countries

The Minister of Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, confirmed that the UAE has so far completed 37 comprehensive economic partnership agreements, 18 of which have entered into force, while its negotiations continue with about 20 new countries, in parallel with the implementation of plans to develop the logistical infrastructure and trade corridors, in a way that enhances the flexibility of foreign trade and consolidates the country’s position as a global center for trade.

Al-Zeyoudi said in a statement that a new number of agreements will enter into force during the next two or three months, including agreements with the countries of the Eurasia Group, and work is also underway with the Philippine government to complete the entry into force of the agreement signed with them before the end of the year.
He expected the negotiations with between five and seven additional countries to be completed before the end of the year, explaining that the negotiations with Canada are nearing completion.

He pointed out that the country has reached the final stages of negotiations with Rwanda, Ghana and Zambia, while negotiations with Bangladesh and Peru are making good progress. He pointed out that the seventh round of trade agreement negotiations with the European Union has ended, but its pace is still slower than expected compared to bilateral negotiations with other countries.

Al-Zeyoudi stressed that the UAE logistics sector has proven its high efficiency during the recent geopolitical challenges, thanks to the integration between airports, ports and the land transport sector, in addition to the role played by major national companies working in port management, logistics services and customs clearance, which contributed to absorbing the large increase in container movement, enhancing the flow of trade, in addition to flexibility in modernizing procedures to facilitate the movement of trucks within the country.

He explained that DP World announced projects to enhance rapid connectivity with the ports of the East Coast, in addition to expanding land transport capabilities by increasing the truck fleet, while Abu Dhabi Ports Group announced raising the capacity of the transport route between Basra, Turkey and Syria, a project that began work on it last year and continues to achieve tangible progress.

He said that recent developments have confirmed the importance of these projects in providing alternative trade corridors to roads that may be affected by geopolitical conditions, and will also support the expected trade growth with Syria and Turkey during the next stage.

He added that the development plans also include the expansion of ports and the development of the land transport system and the Union Train, in a way that enhances the transport of goods from the eastern regions to the main ports, increases the country’s absorptive capacity, and contributes to filling the logistical gaps.

In a related context, Al-Zeyoudi confirmed that the UAE’s non-oil foreign trade continued to achieve historic results during the first half of this year, approaching two trillion dirhams, with a growth of about 13.1% compared to the same period last year.

He added that the state has proven its efficiency in managing the repercussions of geopolitical developments, maintaining the flow of trade and reducing its effects on the economy, pointing out that non-oil exports reached about 453 billion dirhams during the first half, achieving growth of approximately 24%.

He explained that the priority of the business sector during the last stage was not limited to maximizing profits, but rather focused on ensuring the smooth flow of supply chains, the availability of goods, and enhancing efficiency and linking the various logistical sectors, whether land, sea or air transport.

He pointed out that the UAE benefited from the flexibility of its logistics system by transferring part of commercial operations from the Arabian Gulf to the ports of the East Coast and linking them to different ports and stations, which contributed to enhancing efficiency despite the challenges associated with the high costs of insurance and logistics services.

He pointed out that trade in a number of strategic commodities recorded growth, most notably gold, along with electronics, iron, copper and aluminium, driven by benefiting from comprehensive economic partnership agreements and the continued development of logistical corridors that enhance the competitiveness of the country’s foreign trade.