UAE’s Economy Minister affirms support for global initiatives promoting economic integration to tackle current obstacles.
The Minister of Economy in the United Arab Emirates (UAE), Abdullah bin Touq Al Marri, attended the CII Partnership Summit 2023, a conference in New Delhi, India from 13th to 15th March, which aimed to promote sustainable development efforts and the use of technology in driving economic growth. Bin Touq emphasized the historic ties between India and the UAE, highlighting that both nations believe in the potential of fair and sustainable trade based on clear rules and foundations.
India and the UAE are strategic partners, with the UAE serving as a leading provider of logistics, financial services and technology, and India as the second-largest global trading partner with the UAE. The UAE has reinforced its ability to serve as a strategic partner by establishing itself as a global trade, investment and business hub and a gateway to the Middle Eastern and African markets.
The Minister of Economy noted that the meeting occurred during a critical period for both economies due to the COVID-19 pandemic and resulting economic changes. He listed several risks facing the global economy, including volatile commodity prices, inflation, uncertainties regarding monetary policies, and supply chain disruptions.
The greatest danger of all is geographical and economic fragmentation, which could cost economies dearly. Bin Touq noted that the UAE supports global efforts to promote economic integration and believes it is essential to address the economic challenges of our time and build a more sustainable and prosperous future.
The UAE has implemented measures to enhance the resilience of its economy in the face of these challenges, such as granting 100% foreign ownership, launching an ambitious strategy to attract talent and skills in all sectors, and signing comprehensive economic partnership agreements with several countries, including India.
The adoption of these policies has enabled the UAE’s real GDP to grow by 7.6% in 2022, and FDI inflows to the country amounted to US$171.6 billion. Non-oil foreign trade in the UAE also witnessed unprecedented growth, crossing the AED2 trillion and AED233 billion mark for the first time in history, with a 17% year-over-year growth.
Bin Touq emphasized the importance of the comprehensive economic partnership between the UAE and India, which has canceled or reduced customs duties by 90% on goods and commodities traded between both countries. These agreements cover nearly 95% of the value of commodities that each country imports from the other, accelerating the growth of non-oil trade to amount to US$100 billion per annum over the next five years.
The UAE’s Economy Minister reiterated the importance of global economic integration and sustainable trade. He highlighted the UAE’s strategic partnerships with India and the measures implemented to enhance the resilience of its economy in the face of the COVID-19 pandemic and resulting economic changes. The Minister’s speech also emphasized the importance of comprehensive economic partnerships and the potential for economic growth and trade between the UAE and India.
