The UAE is set to establish comprehensive economic partnership agreements with 27 countries and economic blocs representing up to 95% of global trade, said a senior government official.
Thani bin Ahmed Al-Zeyoudi, the UAE minister of state for foreign trade, said these agreements will increase the country’s gross domestic product by approximately $41.71 billion by 2031.
He added that will also lead to an expected 33 percent growth in export volume to $100.25 billion.
Al-Zeyoudi stated that the UAE is currently negotiating with 13 countries and economic blocs to establish free trade agreements.
These countries include Colombia, Costa Rica, Chile, and Kenya, as well as Ukraine, Thailand, and the Eurasian Economic Union.
It is also holding talks with Vietnam, Mercosur, Malaysia, and the Democratic Republic of the Congo.
Al-Zeyoudi made these remarks on Nov. 7 during his presentation on foreign trade agreements at the UAE government’s annual meetings, reported the Emirates News Agency, also known as WAM.
The minister highlighted the UAE’s prominent position in foreign trade, establishing itself as a leading international hub for non-oil business.
He emphasized the country was leveraging its free trade agreements to diversify the economy through its increasing network of trading partners.
Al-Zeyoudi said these partnerships aligned with the UAE’s goal to increase its non-oil foreign trade to $1.09 trillion by 2031.