UAE set for big global trade push

UAE set for big global trade push

The UAE on Sunday unveiled plans to broaden its foreign trade by entering 25 new international markets as part of a drive to boost exports by 50 per cent in the next few years. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, took to Twitter to highlight the country's trade achievements as well as its vision, going forward. "Today, I chaired a Cabinet meeting at Al Watan Palace in Abu Dhabi. We adopted the nation's agenda to enter 25 new international markets to further expand our foreign trade,“ Sheikh Mohammed said. Currently, the UAE's annual non-oil trade exceeds Dh1.5 trillion, and its logistics network is spread across 400 global cities. The Arab world's second-largest economy is also among the top 20 in foreign trade competitiveness indicators, the Vice-President said. With the UAE's non-oil economy accounting for "more than 70 per cent" of the country's gross domestic output (GDP), Sheikh Mohammed said the goal is to increase national exports by 50 per cent in the coming years. The UAE's GDP in 2020 was Dh1.42 trillion at constant prices, with non-oil GDP making up just over Dh1.0 trillion of this. This