Today's Edition
KHALED AL KHAWALDEH (ABU DHABI)
The UAE has witnessed a landmark year in trade developments, marked by strategic partnerships, rising export volumes, and growing foreign investment. In 2024, the nation further solidified its position as a cornerstone of open global trade, leveraging its robust infrastructure, progressive economic policies, and expanding network of trade agreements.
This progress is most acutely exemplified by several high-profile Comprehensive Economic Partnership Agreements (CEPA) this year. The highly successful programme grants partnering nations special access to investments and reduced tariffs in an effort to make the UAE a central trading hub for countries seeking access to markets and expand economic relationships.
“The CEPAs that the UAE is signing with different countries will enhance the flow of goods and services between the Gulf and the concerned countries and will create new market opportunities for the exporters, and increase investment into priority sectors such as logistics, manufacturing, tourism, and financial and professional services," Jordan-based Investment and Economic expert, Wajdi Makhamreh told Aletihad earlier this year.
The year's first major agreement was signed in July with Chile during an official visit by President Gabriel Boric. This CEPA sought to boost non-oil bilateral trade, enhance market access for service exports, and marked the first such agreement between Chile and a Middle Eastern country.
In September, the UAE concluded negotiations for a CEPA with New Zealand, designed to boost trade and investment flows and eliminate tariffs on a significant portion of exports between the two nations.
Shortly thereafter, in October, the UAE signed a CEPA with Jordan, marking the first such agreement between the UAE and an Arab nation, aimed at deepening bilateral trade and investment ties, while fostering the growing diplomatic and economic relationship between the two nations.
Also in October, the UAE finalised a CEPA with Vietnam, marking Vietnam's first free trade agreement with a Middle Eastern country. This agreement focused on boosting trade in sectors such as agriculture, energy, technology, and logistics.
October also saw Serbia join the CEPA club, in an effort to increase trade and economic cooperation between the two nations, and open regional markets to investors.
In November, the UAE and Australia officially signed their CEPA after concluding negotiations in September. This agreement is set to reduce trade barriers and foster growth in renewable energy and advanced manufacturing.
Additionally, the UAE finalised a CEPA with the Eurasian Economic Union (EAEU), which includes countries such as Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. This deal aims to enhance trade relations and economic cooperation with the bloc.
Finally, in December, the UAE signed a CEPA with Malaysia, focusing on eliminating tariffs, improving market access, and fostering investments in key sectors like technology and renewable energy.
India, the UAE's second-largest trading partner, saw the expansion of its existing CEPA. New provisions under the agreement include enhanced cooperation in financial technology, green energy, and space exploration, with bilateral trade projected to exceed $100 billion in the coming years.
Meanwhile, the UAE deepened its economic ties with Africa, a region identified as a key growth market. The launch of the "UAE-Africa Gateway Initiative" in partnership with several African nations aims to bolster trade connectivity, support industrial growth, and establish the UAE as a gateway for African exports to global markets.
