ABU DHABI (ALETIHAD)
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.
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 emphasised 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 percent of the UAE’s total global trade, and receives 72.7 percent 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 $224 billion in the first half of 2024, an increase of 31 percent in the last two years.
HE Al Zeyoudi also underscored the strategic importance of the UAE’s Comprehensive Economic Partnership Agreement (CEPA) programme in boosting trade flows with the region.
Of the 13 CEPAs the UAE has successfully concluded since May 2022, eight 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 percent 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 programme, we have been able to champion the potential of digitised trade with Asian nations, and we will continue to work with our CEPA partners to create the technical and regulatory frameworks to modernise 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.