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UAE Achieves Record-Breaking Trade Milestone and Charts Ambitious Growth Trajectory

 


The United Arab Emirates (UAE) has marked a significant trade accomplishment by propelling its non-oil foreign trade to unparalleled heights. With a trade volume of Dh1.24 trillion ($337.6 billion) in the first half of 2023, this achievement stands out as it surpasses the entirety of the UAE's non-oil exports from just five years ago. Notably, the UAE's non-oil exports with its top 10 trading partners rose by 22% in the first half of this year.

Sheikh Mohammed bin Rashid, a prominent UAE leader, shared this remarkable news, expressing optimism that the non-oil foreign trade could exceed Dh2.5 trillion by year-end and setting an ambitious target of Dh4 trillion in trade by 2031. The UAE has been actively cultivating international partnerships, fostering ties with countries like India, Israel, Turkey, and Indonesia, alongside receiving an invitation to join the BRICS group, which comprises influential nations like Brazil, Russia, India, China, and South Africa.

READ MORE: UAE’s Non-Oil Foreign Trade Hits Record High of Dh1.24 Trillion

The nation's non-oil exports surged by 11.9% in comparison to the same period the previous year, reaching Dh205 billion in the first half of 2023. Dr. Thani Al Zeyoudi, a UAE Minister, highlighted that this robust trade performance underscores the integral role of trade in the UAE's economic diversification strategy. Anchored by Comprehensive Economic Partnership Agreements (CEPAs) and an expanding portfolio of global partnerships, the UAE is poised to continue its ascent in international trade, ushering in a promising era of growth and economic prosperity.

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