Comprehensive economic partnerships planned under “Projects of the 50”
As part of the first initiatives of the “Projects of the 50”, the UAE Government is undertaking comprehensive economic partnership agreements with eight key global markets around the world. The agreements aim to achieve an AED40 billion annual increase to the UAE’s current AED257 billion trade volume with these markets. The agreements fall under the UAE's global economic partnerships strategy, which aims to double the size of the national economy from AED1.4 trillion to AED3 trillion over the next 10 years.
The countries with which deals were signed are distinguished by large markets that constitute 10 percent of the world’s GDP, with an economic exchange among these countries worth $80 billion. Besides being home to 26 percent of the world’s population, the eight countries possess large markets with high demand for goods and services, in addition to strong trade and economic relations in their respective regions.
The initiative will help develop the UAE’s network of trade and investment partners, ensure the flow and growth of Emirati trade with the world, and confirm the important role of the UAE in developing and facilitating global trade.
In conjunction, the UAE Government also approved the “Higher Committee for Economic Agreements” to oversee the expansion of partnerships with new markets and seize new investment and economic opportunities to sustain the growth of the national economy.
His Excellency Abdulla Bin Touq Al Marri, Minister of Economy, was appointed as the committee’s chairman, while His Excellency Suhail Mohamed Al Mazrouei, the Minister of Energy and Infrastructure, has been appointed as the vice chairman. Committee members include His Excellency Sultan Al Jaber, Minister of Industry and Advanced Technology; His Excellency Obaid Al Tayer, Minister of State for Financial Affairs; His Excellency Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade; His Excellency Ali Al Neyadi, Commissioner (Chairman) of Federal Customs Authority; His Excellency Khaled Mohamed Balama, Governor of the UAE Central Bank; His Excellency Khaldoon Khalifa Al Mubarak, member of Abu Dhabi’s Executive Council, Founding Chairman of the Executive Affairs Authority of the Government of Abu Dhabi and Group CEO of Mubadala; and His Excellency Abdulla Al Basti, Secretary General of The Executive Council of Dubai.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: “The UAE, with its expertise and global economic standing, seeks to strengthen economic relationships with partners around the world, and facilitate the flow of trade between nations and continents, and to offer goods, merchandise, services, capital and investments more opportunities to reach their markets. The development of the country’s network of trade and investment partnerships in global markets will ensure the growth of UAE trade with the world. We are confident of the potential for broad cooperation between the UAE and eight key economic players during this stage, and the role the partnerships can play in promoting trade exchange, increasing the volume of joint investments, and supporting the national economy at all levels.”