- Non-oil trade between the UAE and Asia reached $224 billion in the first half of 2024 – an increase of 31% compared to the first half of 2022
- HE Al Zeyoudi: “Asia’s high-growth markets provide a range of opportunities for our private sector, including outstanding prospects for investment in manufacturing, agriculture and energy that will support our respective economic growth and development objectives.”
Abu Dhabi, UAE – October 3, 2024: His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, participated in the Asia Cooperation Dialogue (ACD) Business Forum, held in Doha, Qatar, from October 2-3, 2024. The event convened delegations from across the continent to deepen regional collaboration on trade, economic growth and infrastructure development as well as to coordinate action on pressing global challenges such as food security and climate mitigation efforts.
In his address at the summit, HE Al Zeyoudi emphasized the UAE’s commitment to enhancing trade ties with Asia, which is central to the UAE’s non-oil foreign trade objectives, confirming that the continent accounts for 59% of the UAE’s total global trade, and receives 72.7% of its exports. His Excellency also noted the upward trajectory of those numbers, with non-oil trade between the UAE and the rest of Asia totaling US$224 billion in the first half of 2024, an increase of 31% in the last two years.
HE Al Zeyoudi also underscored the strategic importance of the UAE’s Comprehensive Economic Partnership Agreement (CEPA) program in boosting trade flows with the region. Of the 13 CEPAs the UAE has successfully concluded since May 2022, 8 are with nations in Asia or the Asia-Pacific region.
HE Al Zeyoudi stated, “In an increasingly complex global economy, the importance of collaboration with your closest neighbors will only grow. This is particularly true with Asia, where more than 60% of the goods made within the continent stay within the continent. For the UAE’s global trade strategy, Asia represents secure, reliable supply chains and mature, high-growth markets that will provide a range of opportunities for our private sector. These include outstanding prospects for investment as we seek partnerships in manufacturing, agriculture and energy, and support our respective economic growth and development objectives. This week’s forum will play an important role in advancing all of these objectives.”
During the forum, HE Al Zeyoudi held productive bilateral meetings with key officials from several Asian nations. These included talks with HE Mrs Arju Rana Deuba, Minister of Foreign Affairs of Nepal; HE Mr. Pichai Naripthaphan, Minister of Commerce of Thailand; HE Mr. Ihsaan Afzal Khan, Coordinator of the Prime Minister of Pakistan; and HE Mr. Zogi Zadeh Zogi Amin, Minister of Economic Development and Trade of Tajikistan.
Reflecting on the summit’s theme of “Artificial Intelligence and New Business Models, HE Al Zeyoudi said, “The UAE is committed to harnessing advanced technologies to enhance the efficiency and accessibility of global supply chains. Through our CEPA program, we have been able to champion the potential of digitized trade with Asian nations, and we will continue to work with our CEPA partners to create the technical and regulatory frameworks to modernize the exchange of goods and services between us.”
The Asia Cooperation Dialogue (ACD) was established in 2002, It is a pan-Asian forum that fosters cooperation among Asian countries in various fields, including trade, technology, and sustainable development.
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