On the 7th, Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, posted on Dubai's official Twitter account that foreign trade in the non-oil sector reached 2.2 trillion dirham (US$599 billion) in 2022.
According to the newspaper, the UAE's non-oil export sector in 2022 recorded 366 billion dirams, up 6% from 2021, and up 52% from 2019. Imports rose 22 percent to 1.25 trillion dirhams. Re-exports increased by a similar 21 percent.
What is particularly noteworthy in this announcement is that trade with Turkye increased by 40% in 2022.
UAE Foreign Trade Minister Algeyudi told the newspaper that exports to Turkey rose 109% to 20.7 billion dir in 2022 and imports rose 15% to 40.3 billion dir. This represents the fastest growth among Turkiye's top 10 exporters, making Turkiye the UAE's top six trading partners. The UAE, which began negotiations with Turkye last year on a free trade agreement, is expected to conclude the negotiations within the first quarter.
Meanwhile, the UAE aims to expand bilateral trade in the non-oil sector to $100 billion within five years of signing a free trade agreement with India. In addition, ongoing trade agreement negotiations with Cambodia and Georgia are scheduled to be completed within the first quarter, and trade agreement negotiations with Ukraine are set to begin in the first quarter.
According to the newspaper, the UAE has invested heavily in transportation and logistics infrastructure and is strengthening economic cooperation with many countries around the world, seeking to diversify into a global trade hub away from the oil-oriented industry. [Gulf Korean Times]