India is on track to sustain its standing as the United Arab Emirates’ (UAE) largest export destination until 2030, as per a fresh report by Standard Chartered. The research, titled “Future of Trade: New Opportunities in High-Growth Corridors,” predicts the UAE’s exports to ascend to approximately USD 543 billion by 2030, representing an impressive annual growth rate of 5.5 percent.
Trade routes anchored in Asia, Africa, and the Middle East are foreseen to surpass the global trade growth rate by almost four percentage points. This advancement is set to rocket the combined trade volume within these regions to an incredible USD 14.4 trillion. These regions’ trade will constitute 44 percent of global trade by 2030, thus making them integral to worldwide commerce.
According to the Standard Chartered report, India will maintain its position as the UAE’s largest export market by 2030. The report also identifies Turkey, Vietnam, and Singapore as the nations experiencing the most rapid expansion in exports from the UAE. This substantial export growth can be attributed to various factors such as the UAE’s strategic geographical positioning, its advanced infrastructure, and its welcoming business environment. The report emphasized, “The UAE is a key trade hub in the region, boasting a strong record of drawing foreign investment. The nation’s government is also devoted to endorsing trade and investment, thus contributing to the surge in its export growth.”
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The Standard Chartered report also noted the UAE’s ongoing efforts to diversify its economy from oil dependency. The shift towards sectors like manufacturing, tourism, and logistics will further energize the UAE’s export prowess. The study pointed out, “The UAE’s investment in these sectors will catalyze job creation and opportunities for its citizens, which in turn will reinforce its export sector.”
The findings are encouraging for India, suggesting that it will continue to serve as a crucial export market for the UAE. The research underscores the significance of the trade relationship between India and the UAE, and the mutual benefits both countries stand to reap from tighter economic ties.
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