Page 616 - MOE ENGLISH PR REPORT - FEBRUARY 2024

2/22/24, 5:19 PM Forward-looking vision of wise leadership reflected in UAE's non-oil foreign trade: Al Zeyoudi

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 Turkiye perhaps best illustrates the impact of our

CEPAs on our trade relations," Al Zeyoudi said, adding that bilateral non-oil trade

surged 103.7 per cent in 2023, the fastest growing of our top 10 trading partners, and

accounting for 5.1 per cent of the UAE's total foreign trade. Notably, during the last five

months of 2023, which coincides with the implementation of the CEPA, Turkiye

received 60 per cent 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 per cent compared to 2022, Al Zeyoudi added. The Minister of State

for Foreign Trade highlighted the international confidence in the UAE economy, noting

that while the UAE's trade in non-oil goods stood at AED2.574 trillion, a growth of

12.6 per cent compared to 2022, trade in services reached AED967 billion, another

record - with AED587 billion of that services exports.

"This is an important area of opportunity for the UAE - and one on which we will focus

in the years ahead to drive more growth," he concluded. (ANI/WAM)

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