The Abu Dhabi Chamber of Commerce and Industry, in partnership with Etihad Credit Insurance (ECI), released a research paper highlighting a 23.8% year-on-year increase in the number of certificates of origin issued between January and May 2024 compared to the same period in 2023. This growth reflects Abu Dhabi’s expanding exports and efforts to enhance trade opportunities and strengthen the UAE’s global trade presence. The research paper identified the top 10 regional and global markets targeted for exports by Abu Dhabi Chamber members, including Saudi Arabia, Kuwait, Oman, and the USA.
The study also revealed that the chamber’s initiatives have led to increased local commercial activity and a rise in the number of new industrial companies registered with the Abu Dhabi Chamber. The transportation and storage sector saw a remarkable 78% increase in the first five months of 2024 compared to 2023. Furthermore, the paper highlighted the total value of the UAE’s non-oil foreign trade with countries under Comprehensive Economic Partnership Agreements (CEPA), surpassing AED390 billion by the end of 2023.
CEPAs have played a significant role in driving the UAE’s economic growth by providing Emirati businessmen with access to new foreign markets, expanding Abu Dhabi’s export portfolio, and facilitating the entry of Emirati exports into major markets like India, Indonesia, and Turkey. Various products, including electronic equipment, machinery, metals, medicine, and vegetable oils, have been exported to these markets. The paper also indicated that the patterns of exporting non-oil goods from the UAE have diversified globally, with Asia as the leading export destination, followed by the European Union and North America.
The UAE has signed 12 CEPAs with countries at both regional and global levels as of July 2024, with ongoing discussions to establish new agreements with promising and vital markets. This indicates the country’s commitment to enhancing its trade relations and expanding its presence in key markets worldwide. The research paper underscores the importance of international trade agreements in driving economic growth and diversifying the UAE’s export destinations. Emirati businesses continue to leverage these agreements to access new opportunities and expand their reach in the global market.
