The United Arab Emirates (UAE) announces a groundbreaking achievement with its non-oil foreign trade escalating to Dh3.5 trillion in 2023, setting an unparalleled milestone amidst significant global economic fluctuations. This remarkable trade record underscores the UAE’s adeptness at navigating and excelling within the intricate landscape of international trade.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE, and Ruler of Dubai, communicated this extraordinary triumph, highlighting not merely the nation’s economic resilience but its relentless pursuit of growth and distinction. “Today marks a significant milestone as we announce the culmination of our non-oil foreign trade of goods and services, soaring to a historic high of Dh3.5 trillion in 2023,” Sheikh Mohammed proclaimed, shedding light on the nation’s consistent progress toward pinnacle achievements.
Sheikh Mohammed further elucidated this landmark as a testament to the UAE’s robustness against the backdrop of global trade contractions, a scenario underscored by reports from the United Nations Conference on Trade and Development. Surpassing early forecasts for 2023, the UAE outdid anticipated economic expansions.
The UAE’s astute strategic engagements through expansive partnership agreements played a pivotal role. Such initiatives catalyzed a remarkable boost in foreign trade with the country’s principal trading allies. Trade with Turkey saw an exponential growth exceeding 103%, Hong Kong-China experienced a 47% increase, and the United States witnessed a 20% rise—all within a year.
Sheikh Mohammed highlighted the UAE’s essential position within the global trade framework, maintaining robust economic relations worldwide. The Vice President’s remarks emphasize the UAE’s steadfast commitment to its ethos of transparency and action: “Our commitment remains unwavering, encapsulated in our steadfast motto: to speak what we do and do what we say.”
The strategic economic policies, diversification efforts, and international collaborations have positioned the UAE as a focal point for commerce and investment. The surge in trade volumes with key partners not only enhances the UAE’s economic landscape but also strengthens its connections with major global economies. This achievement reflects the UAE’s agility in adjusting to global economic trends and its vision for cultivating growth beyond its traditional oil sector.
This historic feat accentuates the UAE’s dynamic role on the global stage, dedicated to fostering economic prosperity and stability amidst international challenges. With a forward-looking approach to achieving future milestones, the UAE’s journey exemplifies the power of visionary leadership and strategic planning in achieving unmatched economic success.
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