The UAE economy has achieved a historic milestone as UAE’s foreign trade reaching 3 trillion AED by the end of 2024, according to UAE Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum. In a tweet on the social media platform X, he described this achievement as a landmark moment for the national economy, emphasizing the importance of building global economic bridges to enhance the UAE’s position in international markets.
Analytical Insights into Trade Performance and Strategy
UAE’s Foreign Trade Growth Trends
- Global Level:
Global trade in goods recorded a modest growth rate of 2% annually in 2024. - UAE Level:
In contrast, the UAE’s non-oil foreign trade experienced a robust growth of 14.6%, far exceeding the global average, reflecting the country’s strategic diversification away from oil.
Impact of Comprehensive Economic Partnership Agreements
- Comprehensive economic partnership agreements have contributed approximately 135 billion AED to non-oil trade with partner countries.
- These agreements saw an impressive growth of 42% compared to the previous year, showcasing the effectiveness of UAE economic policies in boosting international cooperation.
Achieving Ambitious Trade Targets
- In 2021, the UAE set an ambitious target of 4 trillion AED in foreign trade by 2031.
- By the end of 2024, the UAE had already reached 75% of that target, indicating that sustained growth may allow the country to achieve its goal ahead of schedule.
UAE’s Vision for Global Economic Integration
Sheikh Mohammed bin Rashid stressed that the UAE’s success lies not only in robust fiscal policies but also in building economic bridges with nations worldwide. This approach distinguishes the UAE from traditional global trade players and positions it as a model for achieving stability and prosperity.