2024-07-28 19:11:05
Make a strong contribution to the realization of the “50 Projects” goal.
Dubai: Farooq Fayed
September 2021; As part of the “50 Projects” initiative, the UAE government launched 50 national economic projects aimed at supporting and strengthening the national economy.
The plans map out the course of the next fifty years through structural and fundamental changes in the economic system, including empowering local economic sectors and state officials, developing a set of national laws and initiatives to enhance national capabilities, talent and the UAE Entrepreneurial capabilities, as well as launching programs to attract talent and investors to the UAE and establish comprehensive economic partnerships.
Perhaps the most prominent of these items that the UAE has on its agenda is the launch of the Comprehensive Economic Partnership, during which the country enhances the flow of non-oil foreign trade to enhance the smooth, fast and unrestricted movement of petroleum products. National goods and products between the UAE, on the one hand, and integrated facilities between partners, on the other, to overcome trade barriers and reduce or eliminate tariffs.
- What is Comprehensive Economic Partnership?
To promote the UAE’s economic goals, the country is working to strengthen international partnerships with strategic markets around the world, working to strengthen its position as a major gateway for the flow of trade and logistics services, and the signing of the Comprehensive Economic Partnership Agreement (CEPA) is an important step towards achieving this One of the key tools for strategic goals.
The UAE signed the first Comprehensive Economic Partnership Agreement with the Republic of India on February 18, 2022, which came into effect in early May of the same year.
The UAE has signed partnership agreements with the following countries: Israel signed and entered into force in early April 2023, Indonesia in early September 2023, Turkey in early September 2023, Cambodia in late January 2024 this year, and Georgia in June of that year. Effective on the 27th.
The country is also engaged in negotiations and talks with many countries around the world, the most recent of which is the Republic of Mauritius, the first African country to sign a comprehensive partnership agreement with the United Arab Emirates. It is expected to enter 3 months later, in addition to Vietnam, the Philippines, Kenya In addition to negotiations with Asia, Colombia, Ukraine and other countries.
Through these agreements, the UAE seeks to enhance global market access, reduce or eliminate tariffs, simplify customs procedures, provide clear and transparent rules, and promote competition based on fair trade.
- economic diversification
Some are wondering: Why did the UAE sign a Comprehensive Economic Partnership, which provides government, federal and national The budget brings in good revenue. , logistics services, etc.?
What secrets are hidden behind these agreements? Perhaps the direction and future outlook of the UAE government, especially in 2071, is that the UAE seeks to abandon oil as its source of revenue, to abandon the last barrel of oil as it is one of the most important sectors supporting its national economy, and to seek to diversify its non-oil economy ation, including retail, tourism, real estate, construction, professional activities, health, informatics, technology and digital services, the knowledge economy and many other activities and services that can be developed. As one of its top priorities in the next phase, China has identified plans and strategies that can quickly achieve its goals, the most important of which is the Comprehensive Economic Partnership Agreement.
According to data from the Federal Center, judging from various indicators and confirmed data, since the signing of the first comprehensive partnership agreement with India, the UAE’s non-oil foreign trade has achieved tremendous growth, increasing by 45% to reach 800 billion diras. Mu.
In 2021, the UAE’s non-oil trade reached AED 1.8 trillion, of which imports were AED 992 billion, exports were AED 332 billion, and re-exports were AED 464 billion.
The following year (2022); UAE trade volume increased to approximately AED 2.17 trillion, distributed among: imports amounted to AED 1.22 trillion, domestic exports amounted to AED 368 billion, and re-exports amounted to AED 583 billion .
As of the end of 2023, the country’s trade volume has risen to 2.6 trillion dirhams, divided into: imports of 1.4 trillion dirhams, exports of 441 billion, and re-exports of 690 billion.
In terms of national imports, they have grown by 41% in the past three years, reaching Dh408 billion, jumping from Dh992 billion in 2021 to Dh1.4 trillion at the end of 2023.
The country’s exports also grew by 33%, or Dh109 billion, to reach Dh441 billion in 2023, compared with Dh332 billion in 2021.
Re-exports grew strongly by 49%, from US$464 billion in 2021 to US$226 billion in 2023, reaching US$690 billion.
As the first comprehensive economic partnership agreement signed by the UAE, the trade volume between the UAE and India increased by 21% to 35 billion dirhams. It will reach approximately 165 billion dirhams in 2021 and will increase to 190 billion dirhams in 2022. 200 billion dirhams will be increased to 200 billion dirhams.
Non-oil internal trade between the UAE and Turkey also grew by 104% in 2023, with Turkey’s share of the country’s total foreign trade rising to 5.1%, becoming the fastest growing among the 10 largest trading partners.
Thanks to a strong start to August and September 2023, Turkey topped the list of recipients of UAE non-oil exports, and in the last 5 months of 2023, Turkey alone received approximately 60% of UAE exports, with The implementation start time is consistent with the partnership agreement signed by the two countries in early September 2023.
In terms of gross domestic product calculated at constant prices, the UAE economy achieved a growth of 13.3% during the same period (2021-2023), an increase of 200 billion dirhams. In 2021, the country’s gross domestic product reached 1.5 trillion dirhams. Tom, it rose to AED 1.62 trillion the following year (2022), and reached AED 1.7 trillion as of the end of last year (2023).
In terms of non-oil output, it increased by AED 170 billion during 2021-2023, a growth of 16%.
The total non-oil activities of the country were approximately AED 1.08 trillion in 2021, and increased to AED 1.17 trillion in the following year 2022, and to AED 1.25 trillion by the end of 2023.
- Negotiations and talks
Since the launch of the program, the UAE has reached 10 Comprehensive Economic Partnership Agreements with countries of strategic, commercial and investment significance across four continents by the end of 2023, marking a major expansion of the country’s foreign trade network and providing Greater opportunities are available to the private sector and the UAE business community in one of the world’s most dynamic economies.
In 2023, the UAE’s Comprehensive Economic Partnership Agreement with Turkey, Indonesia and Israel will enter into force, eliminating or reducing tariffs, removing trade barriers, and opening up market opportunities for exporters and investors.
Final terms of comprehensive economic partnership agreements were also reached with South Korea, Colombia and Congo-Brazzaville.
The UAE has also begun talks with other countries including Serbia, Ukraine, Eurasia, Australia, the Philippines, Malaysia, Costa Rica, Kenya, Chile and Vietnam to reach similar agreements.
The Comprehensive Economic Partnership plan also includes a partnership agreement with India that comes into effect in May 2022 and is expected to increase the UAE’s exports by 33% and contribute more than AED 153 billion to the country’s GDP. , an increase of about 10% compared with 2022. Global logistics center for re-exporting goods around the world.
The UAE’s re-export industry accounts for 6.6% of the country’s gross domestic product and provides approximately 1.3 million employment opportunities.
Cooperation goals:
- Enhanced access to global markets
- Reduce or eliminate tariffs
- Facilitate customs procedures
- Provide clear and transparent rules
- Promote competition based on fair trade
Most significant business achievements (2021 – 2023):
- UAE trade volume increases by AED 800 billion
- Imports increased by 41% to 408 billion
- Exports increased by 33% to 109 billion
- Re-exports increased by 49% to 226 billion
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