Page 374 - MOE ENGLISH PR REPORT - APRIL 2025 (Part 1)

4/23/25, 3:26 PM UAE foreign trade hits $1.42 trillion in 2024 despite global uncertainties | The National
vital link between East and West and a global economic centre,” Sheikh

Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, said in

a post on X on Sunday.

The UAE is putting special emphasis on strengthening its trade ties as part of its

economic diversification efforts. The Emirates signed several Comprehensive

Economic Partnership Agreements (Cepas) last year as it deepened its trade and

investment relations from nations across the continents.

The UAE’s economy grew by 3.9 per cent in 2024, its central bank has said this
month, driven by growth momentum in the country’s non-oil sectors amid the push

for diversification.

The banking regulator expects the country’s gross domestic product to increase by

4.7 per cent in 2025 and by 5.7 per cent in 2026.

Cepa boost

The country's Cepa with partners such as India,

Israel, Turkey, Indonesia, Cambodia, Georgia, Costa Rica and Mauritius have

already taken effect. Trade deals with a number of countries including Colombia,

South Korea, Australia, New Zealand and Malaysia and others are awaiting

ratification.

“These achievements stem from national efforts, flexible policies, and strong

international partnerships,” said Dr Thani Al Zeyoudi, Minister of State for Foreign

Trade. “The UAE will continue to enhance its global role by facilitating trade,

expanding collaborations, and integrating with global value chains.”

The UAE climbed from 17th to 11th globally in merchandise exports and from 18th

to 14th in imports between 2021 and 2024, contributing 2.5 per cent to global

merchandise exports and 2.2 per cent to imports, according to the latest WTO
data.

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