In 2024, the UAE’s foreign trade reached AED 3 trillion for the first time, growing at 14.6% compared to a global increase of 2%. This achievement is attributed to leadership and comprehensive trade agreements that bolstered non-oil trade. Sheikh Mohammed outlined ambitious future trade targets, indicating strong economic performance and strategic growth ahead.
In 2024, the UAE’s foreign trade achieved a groundbreaking milestone, reaching AED 3 trillion, as announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE. The announcement was made via social media, highlighting the significance of this achievement in the global trade landscape.
Sheikh Mohammed credited President Sheikh Mohammed bin Zayed for his efforts to strengthen economic partnerships worldwide, emphasizing the long-term benefits of fostering these economic relationships. The UAE’s foreign trade expanded at a remarkable 14.6% rate, outpacing the global trade growth of just 2% in the same period.
The Comprehensive Economic Partnership Agreements developed under Sheikh Mohammed bin Zayed’s leadership contributed AED 135 billion to non-oil trade with partner nations, marking a substantial 42% growth. Sheikh Mohammed noted the ambitious target set in 2021 for the UAE’s foreign trade to reach AED 4 trillion annually by 2031 and identified that 75% of this goal was already achieved by late 2024.
He expressed confidence that maintaining the current growth trajectory could result in reaching these targets ahead of schedule. Stressing that the UAE’s economic strategy prioritizes constructive international relations over political considerations, he reiterated the importance of stability as a cornerstone for prosperity.
The UAE’s commitments rest on high economic objectives and a strategic vision. Sheikh Mohammed concluded that the global economy tends to favor those with clear ambitions and actionable plans, illustrating the UAE’s unique position in the world.
The announcement of the UAE’s record foreign trade figures reflects the country’s ongoing economic growth despite challenging global conditions. The growth in foreign trade underlines the UAE’s strategic focus on diversifying its economy, particularly through non-oil sectors, and strengthening international partnerships through various economic agreements. Sheikh Mohammed’s remarks further illustrate the significance of leadership and vision behind this growth, showcasing a proactive approach towards economic development.
The UAE’s landmark achievement of AED 3 trillion in foreign trade signifies not only economic resilience but also the effectiveness of strategic partnerships developed over recent years. With substantial growth outpacing global trends, the UAE is on track to meet ambitious future economic targets, illustrating the importance of strong governance and proactive economic strategies.
Original Source: www.dubaieye1038.com
