Value of UAEs foreign trade in 2017 reaches $462 bln: Minister of Economy

ABU DHABI- Sultan bin Saeed Al Mansouri, Minister of Economy, has stated that the initial figures for the UAE’s total foreign trade in 2017 will reach a value of AED1.7 trillion while expressing his expectation of continuous growth in the country’s trade during 2018 and the following years, in light of its policy of openness and its efforts to create beneficial commercial partnerships with various countries and promote commercial co-operation with promising international markets.

He also highlighted the UAE’s desire to strengthen its economic, commercial and investment cooperation with various countries while expanding ties with international markets and searching for new and promising business destinations and commercial markets, based on a clear vision, correct planning and future foresight. Al Mansouri went on to say that the Ministry of Economy, in cooperation with relevant federal and local government authorities and in partnership with the private sector, has exerted considerable efforts to establish diversity and sustainability in the national economy while raising its regional and international competitiveness, advancing its policy of commercial openness, promoting promising investments, and focusing on technology, knowledge and innovation, in line with the goals of the national agenda of the UAE Vision 2021.

Regarding the UAE’s relations with Saudi Arabia, Al Mansouri noted that both countries enjoy strong bilateral relations, which are connected via solid ties based on shared culture, history and noble Islamic and Arab values. He affirmed that the decision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan to form a joint cooperation committee - which includes the military, politics, economy, and culture sectors - represents another important step in expanding the prospects and levels of cooperation between both countries, which will help to achieve their common development goals.

The committee will have a key role in strengthening the efforts of both the UAE and Saudi Arabia to benefit from their developmental assets as the largest Arab economies, as well as to employ their commercial and investment capabilities, which will achieve their sustainable development, the Minister concluded.