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2024 off to a promising start: UAE’s focus on regional stability and economic development

 

The UAE is focusing on diplomacy and economic cooperation in 2024, with a focus on the country’s CEPA programme. The Gulf state announced a limited cabinet reshuffle to infuse more expertise and youthful energy into decision-making and reinforce the core pillars of security, prosperity, and innovation. The UAE has concluded 10 comprehensive economic partnership agreements, marking the current year as a pivotal milestone in forging global connections.

The benefits of CEPA agreements include enhanced market access, simpler customs procedures, lower or eliminated tariffs, clear and transparent rules, and rules-based competition. The CEPA programme is expected to boost the country’s exports by 33% and contribute more than $41.7 billion to the national gross domestic product by 2031.

During the latest official trip of HH President Sheikh Mohamed bin Zayed to Baku, the UAE and Azerbaijan signed several key memorandums of cooperation, covering strategic collaboration, investments, and financing. These agreements marked a significant step in bilateral relations between the two countries. The UAE focuses on two fronts: fostering cooperation to address conflicts, crises, and unresolved issues to generate just and sustainable solutions and enhancing stability through prosperity, participatory, and economic diplomacy.

The cornerstone of the UAE’s foreign policy is multilateralism, believing collaboration is the most effective means of achieving solutions to conflicts and addressing transnational challenges. The nation frequently advocates for regional integration for security and is committed to maintaining international peace and stability. In the raging Israel-Gaza situation, the UAE has frequently called for de-escalation and a ceasefire, pursuing a political horizon leading to a just and comprehensive solution.

In 2024, the UAE announced its participation in NASA’s Lunar Gateway Station alongside the US, EU, Canada, and Japan. This is one of the most important international space projects of the 21st century, allowing the UAE to send the first Arab astronaut to the Moon.

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