UAE Finalizes 37 Economic Pacts
The UAE's Ministry of Foreign Trade announced that the country has so far completed 37 comprehensive economic partnership agreements, of which 18 have been activated. Negotiations are ongoing with approximately 20 additional countries to further enhance foreign trade resilience and strengthen its position as a global trading hub. These agreements include partnerships with countries from the Eurasia group and the Philippines, with more expected to come into force in the coming months. Negotiations are also underway with Canada, the European Union, and countries such as Rwanda, Ghana, and Zambia. Additionally, the UAE highlighted the success of the logistics sector in managing geopolitical challenges through the development of ports and transportation networks, increasing capacity and providing alternative trade routes. This has contributed to the growth in trade of strategic goods like gold, electronics, and copper. Non-oil foreign trade grew by 13.1% in the first half of the year, reaching nearly two trillion dirhams, with non-oil exports reaching 453 billion dirhams. The aim is to improve efficiency and develop connecting routes between ports and logistics zones.
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