7 November, 2021
UAE Plans to Double Trade in 10 Years
The UAE Government has taken stable steps in its aim to double trade in 10 years.
The federal government has started on comprehensive Economic Partnership Agreements with India, Indonesia, Turkey, the UK, Israel, Kenya, South Korea and Ethiopia.
The UAE’s non-oil trade was valued at Dh1.4 trillion in 2020. The aim to double trade will come from scaling up on existing trade agreements with countries like India & UK; and by forming new trade alliances with geographies like Israel.
At the Dubai level, the emirate has implemented the T2 initiative, which seeks to double the volume of trade from 2020 to 2025. The aim is that Dubai’s total trade will reach Dh2 trillion. The emirate has launched several initiatives that seek to increase the competitiveness of the exports as well as ease of doing business. Dubai has also launched the World Logistics Passport (WLP) designed to smooth the flow of global trade, unlock market access through the creation of new trade routes, and provides economic efficiencies to members.
The WLP overcomes non-tariff trade barriers through the offering of financial and non-financial benefits such as fast-tracking of cargo movement, reducing administrative costs, advancing cargo information and facilitating trade across borders.
A direct initiative from Dubai, the World Logistics Passport is managed by DP World, the ports and terminals operator. Multiple countries have signed on already for a process that promises to smooth out the flow of goods from one country to another. Governments, logistics businesses and anyone connected with supply chain management can enroll for the programme.
Virtual trade exhibitions substantially reduce the costs of participation and allow micro and small firms to easily identify global partners.
Along with the onus on trade, the UAE is going at full throttle on expanding the industrial base. Sure, the country has state-of-the-art industrial assets in the energy sector, including renewables, as well as in aluminum and cables. But with the launch of ‘Operation 300Bn’, the UAE wants to raise manufacturing’s profile to a whole new level.
Together, these initiatives support each other due to their overlap – but they also seek to ensure the UAE becomes a location for advanced sustainable manufacturing.
To leverage the growth in trade envisaged for Dubai over next 10 years, get in touch with our experts