UAE seeks trade agreements with many countries around the world - Lang Son Newspaper: Latest, accurate, reputable news

The UAE is continuing negotiations on economic and trade agreements with Serbia, New Zealand and Ecuador as well as ASEAN members including the Philippines, Vietnam and Malaysia.

The United Arab Emirates (UAE) is actively seeking economic, trade and investment cooperation agreements with countries around the world , as the Gulf nation strives to promote its economic diversification plan and aims to achieve a total non-oil foreign trade turnover of up to 4,000 billion Dirhams (equivalent to 1,100 billion USD) by 2031.

The UAE has signed a series of Comprehensive Economic Partnership Agreements (CEPAs) with fast-growing economies in Asia, the Middle East and Africa, boosting its non-oil foreign trade.

With a target of signing 26 CEPAs, the UAE has so far signed these agreements with India, Türkiye, Israel, Indonesia, Cambodia and Georgia.

The country is continuing negotiations on similar agreements with Serbia, New Zealand and Ecuador as well as members of the Association of Southeast Asian Nations (ASEAN), including the Philippines, Vietnam and Malaysia.

Aiming to further boost cooperation with Arab economies, Malaysia is expected to complete negotiations on the CEPA with the UAE by the end of this year and intends to seek a broader trade agreement with the GCC to enhance economic, trade and investment cooperation between the two blocs.

Non-oil trade between the UAE, the second largest economy in the Arab world, and Malaysia is set to reach $4.7 billion in 2023.

Several major global economies are also pursuing trade deals with Gulf states.

A potential free trade agreement (FTA) could boost trade and investment ties between China, the world's second-largest economy, and the GCC, which holds a third of the world's crude oil reserves.

The UK is also in talks with the GCC on an FTA, while an FTA between the Gulf economies and Türkiye is expected to create trade opportunities worth $2.4 trillion.

China's Hong Kong Special Administrative Region is also considering the possibility of negotiating an FTA with the UAE and Gulf states to further boost trade and investment ties with Gulf economies.

In the first six months of 2024, the UAE's non-oil trade increased by 25% year-on-year to a record 1.4 trillion dirhams ($385 billion), driven by strong growth in non-oil exports.

The UAE's CEPAs with partners are expected to help the country's exports increase by 33% and contribute more than 153 billion dirhams (over 42 billion USD) to the gross domestic product (GDP) by 2031./.

Source: https://baolangson.vn/uae-tim-kiem-hiep-dinh-thuong-mai-voi-nhieu-quoc-gia-tren-the-gioi-5021828.html