UAE Business: Gulf-Asia trade seen hitting $578bn by 2030 – Gulf Digital News

UAE Business: Gulf-Asia trade seen hitting $578bn by 2030 – Gulf Digital News

Trade between the Gulf economies and emerging Asia surged in 2021 and is expected to reach $578 billion by 2030, according to new research by Asia House.



GCC trade with emerging Asia will surpass its trade with advanced economies by 2028 if current growth rates are maintained – representing a major shift in global trade dynamics, with Asia on course to be the Gulf’s most important trading partner.



‘The Middle East Pivot to Asia 2022’ report also found that trade between the GCC nations and China is at an all-time high, and in 2021 surpassed the GCC’s trade with the US and Euro Area combined.



The London-based think tank also identified a growth in GCC Sovereign Wealth Fund investments into Asia, driven in part by higher oil revenues, with India and ASEAN nations the major beneficiaries.



However, while energy exports continue to be a key driver of GCC-emerging Asia trade, non-oil trade and investment is also strengthening, with economic and social reforms in the Middle East attracting foreign investment from Asia.



Michael Lawrence, Chief Executive of Asia House, said: “The strengthening of ties between the Gulf and emerging Asia is one of the