Page 595 - MOE ENGLISH PR REPORT - FEBRUARY 2024

pillar of the UAE’s economic strategy, a driving force of growth and
diversification and a catalyst for sectors that focus on innovation, knowledge,

and advanced technology,” he added.

Dr. Al Zeyoudi hailed these result as “particularly notable”, as they came amid
a 5 precent decline in global trade in the first half of 2023, and an 8 percent

fall in exports in the third quarter.

“The continuing upward trend in the UAE's non-oil foreign trade is a clear

reflection of the national vision of a dynamic, diversified economy that is open
to the world,” he said.

Dr. Al Zeyoudi noted that through the Comprehensive Economic Partnership

Agreement (CEPA) programme, the UAE has been purposefully expanding its
network of trade partners around the world, securing stronger ties with like-
minded nations to enhance market access and deliver new opportunities for

exporters, industrialists, investors and entrepreneurs.

“Our non-oil trade with Türkiye perhaps best illustrates the impact of our
CEPAs on our trade relations," Dr. Al Zeyoudi said, adding that bilateral non-
oil trade surged 103.7 percent in 2023, the fastest growing of our top 10

trading partners, and accounting for 5.1 percent of the UAE's total foreign
trade. Notably, during the last five months of 2023, which coincides with the
implementation of the CEPA, Türkiye received 60 percent of the UAE non-
exports.

In total, the value of non-oil foreign trade with the UAE's CEPA partners, both
those implemented and those nearing conclusion, amounted to more than
AED390.5 billion – a growth of 24.5 percent compared to 2022, Dr. Al Zeyoudi

added.

https://en.aletihad.ae/news/business/4464582/forward-looking-vision-of-wise-leadership-reflected-in-
uae-s