As part of its continuous endeavor to boost the country's gross domestic product, the UAE Government has approved 24 national initiatives to ramp up re-exports by 100 percent by 2030.
Launched during a cabinet session chaired by the Prime Minister and Vice President of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, the key initiatives were to form a national re-export committee that would develop unexplored, specialized areas by joining hands with the local governments, set up the International Trade Links Center, introduce supportive programs and grow the foreign investments in the service sector.
The cabinet closely reviewed UAE's economic achievements in 2022, including its accomplishments under the Comprehensive Economic Partnership Agreement (CEPA) with India.
The net value of re-exports hit a record value of 614.6 billion dirhams in 2022 compared to 600 billion dirhams in 2021 (a 14 percent increase).
Its ten biggest re-export markets, including India, China, Hong Kong, Belgium, Kuwait, Saudi Arabia, Oman, Iraq, the US, and more, achieved a net gain of 13 percent compared to 2021, with diamonds, telephones, petroleum liquids, vehicle parts, jewelry, gemstones, headphones, and airplane being the top items.
The non-oil exports from UAE to India amounted to $5.3 billion in 2022, growing by 12 percent compared to 2021 and 154 percent compared to 2020.
The cabinet also weighed more than 19 initiatives that aspire to transform the country into a global talent magnet capable of attracting world-class talent, as well as the results of the Supreme Committee for Free Trade Negotiations.
Quoting Sheikh Mohammed's tweet, "We signed comprehensive economic partnership agreements with four countries, and we are currently negotiating with many other countries, and we are beginning to see the impact of the agreements on the country's foreign trade figures. 2023 will be the strongest economic year for the country in its history, God willing," Sheikh Mohammed tweeted.
Some of the other major outcomes of the cabinet meeting were the approval of a new federal law to replace the Federal Law on Maritime Commercial law, restructuring of the Digital Wellbeing Council and the Emirates Genome Council to improve the quality of life for the people of Dubai, and ratifying the Comprehensive Economic Partnership Agreement with Türkiye and Côte d'Ivoire and UAE's accession to the Arab Customs Cooperation Agreement.
The new venture is also expected to bolster UAE's logistics infrastructure, global supply chains, and the job market.
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