UAE plays significant role in world trade: Lubna

ABU DHABI - Shaikha Lubna Al Qasimi, Minister of Economy, said the UAE foreign trade posted a surge of 33 per cent in 2007 to Dh 552.9 billion from Dh 415.9 billion, representing 75.8 per cent of the Gross Domestic Product (GDP) of Dh 729.7 billion and 118.2 per cent excluding oil sector (Dh 467.9 billion).

By (Wam)

Published: Sat 21 Mar 2009, 10:14 PM

Last updated: Sun 5 Apr 2015, 8:30 PM

”Exports and re-exports constituted 22.6 per cent of the GDP and grew by 31.9 per cent from Dh 124.8 billion to Dh 164.6 billion in 2007. Imports of commodities and services including free zones rose from Dh 414.7 billion in 2006 to Dh 545.3 billion in 2007, a growth of 31.5 per cent,” Shaikha Lubna said.

She added that these figures showed a remarkable increase in the foreign trade which will even see further boost when 2008 figures would be released.

”The UAE has adopted a package of economic, legislative and administrative programmes have enabled the UAE to build a prominent place at the world trade order,” she explained. The UAE, according to her, has signed a series of bilateral trade agreements with key trade partners to boost UAE exports to international markets.

She said that scores of economic, political, trade and geographical factors had combined with free market economy policy and flexible economic and commercial legislations to assist the UAE make marked achievements, therefore carving the third slot worldwide in terms of re-exports.

”Focused attention on trade has bolstered the UAE’s drive to reduce Dependence on oil revenues. Non-oil sectors are now contributing over 64 per cent to the GDP,” she affirmed.

On the public-private partnership, the minister said that her ministry would launch a set of initiatives to reinvigorate and deepen the public-private partnership so as to enable the private sector address the challenges at local and foreign levels.

”These measures will include removing barriers hindering smooth businesses with key trade partners, improving business climate, facilitating flow of trade exchange, introducing attractive, flexible legislations and incentives to sharpen competitive edge of UAE products and services,” she indicated.