The United Arab Emirates has established comprehensive economic partnership agreements with 14 countries, with six agreements now in effect. Negotiations have concluded with seven additional nations, according to data from the Ministry of Foreign Affairs and International Cooperation and the Ministry of Economy.
The agreements aim to strengthen trade relations globally, featuring five key advantages: reduction or elimination of tariffs, improved market access for service providers, clear and flexible regulations, global market access, and enhanced customs procedures to promote fair trade.
Among the agreements currently in effect are those with India, Turkey, and Indonesia. Signed agreements include partnerships with South Korea, Jordan, Colombia, Vietnam, and Serbia. Negotiations have been completed with Ukraine, Congo-Brazzaville, Kenya, Morocco, New Zealand, Malaysia, and Australia.
The UAE's non-oil foreign trade reached 1.4 trillion dirhams in the first half of this year, with a target of 3 trillion dirhams by the end of 2024. To bolster economic growth, the UAE has pursued numerous comprehensive economic partnership agreements with strategic partners and developed international partnerships across trade, industry, investment, and services sectors.
The Ministry of Economy is focused on enhancing international partnerships with strategic markets worldwide, positioning the UAE as a key gateway for trade and logistics flow. The comprehensive economic partnership agreements are a primary tool in achieving this strategic goal, aligning with the announced plans under the 'Projects of the Fifty' initiative, which aims to guide the next phase of sustainable growth and development over the next fifty years.