UAE's Non-Oil Sector Growth to Boost Trade

 

The UAE's trade with the rest of the world is set to grow, buoyed by its efforts to diversify its economy away from oil and gas and its expanding reach to new markets through trade deals, according to economists. With the reopening of the Chinese economy, the country's trade is expected to benefit from an uptick in demand for goods and services from emerging markets in Asia.

Experts anticipate that the UAE's trade will continue to be an important driver of economic growth in the country, with further expansion in sectors such as advanced manufacturing and creative industries. According to Scott Livermore, Chief Economist at Oxford Economics, "We expect trade in goods and services to expand and be stimulative of economic growth."

Despite global headwinds such as economic fragmentation and nearshoring in a post-pandemic world, the UAE's trade volume is expected to remain robust. With the UAE being a global transport and logistics hub, the transport and logistics sector is likely to benefit from continued normalization of supply chains and present opportunities for growth.


The UAE's wider reach to markets through various trade deals, including the recently signed Comprehensive Economic Partnership Agreement (CEPA) with India, is also expected to bolster the country's trade. The CEPA aims to strengthen economic ties between the UAE and India, with both countries benefitting from greater market access and enhanced trade opportunities.

In addition, the UAE's strategic location between Europe and Asia, coupled with its business-friendly environment and world-class infrastructure, has helped it become a key global trade hub. As the country continues to diversify its economy and expand its trade partnerships, it is poised for further growth and success in the global marketplace.

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