عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UAE to Double National Economy to $816 Billion by 2030

The UAE aims through economic agreements to remove or reduce customs duties with a carefully selected group of markets. (WAM)
The UAE aims through economic agreements to remove or reduce customs duties with a carefully selected group of markets. (WAM)
TT
TT

UAE to Double National Economy to $816 Billion by 2030

The UAE aims through economic agreements to remove or reduce customs duties with a carefully selected group of markets. (WAM)
The UAE aims through economic agreements to remove or reduce customs duties with a carefully selected group of markets. (WAM)

The Ministry of Economy has announced that the UAE will soon sign comprehensive economic partnership agreements (CEPA) with several countries.

It will also sign trade preference agreements with the member countries of the Organization of Islamic Cooperation in early 2023.

The ministry said that the new partnership agreements aim to enhance the role of international trade to double the size of the national economy by 2030.

The UAE development plans for the next 50 years are largely focused on trade.

By 2030, the country aims to double the size of its economy from 1.4 trillion dirhams ($381 billion) to 3 trillion dirhams ($816 billion) through greater trade openness.

Jumaa Muhammad Al Kait, Assistant Undersecretary for International Trade Affairs, said that the countries currently negotiating to conclude CEPA are: Indonesia, Colombia, and Turkey, in addition to several countries with which the initial terms of agreement are being agreed upon.

The UAE is signing CEPA agreements with the aim of removing or reducing customs duties bilaterally with carefully selected markets of strategic importance regionally and globally.

Abdullah Al Saleh, Under-Secretary of the Ministry of Economy, pointed out that the trade preference system is the selection of a group of targeted goods, according to which the state obtains the advantage of reducing customs tariffs while exporting its national products to the markets of those countries.

He explained that the most important feature of this new system is to grant the UAE customs discounts on a wide and selected range of goods.

Most Viewed

 
 
Business

EU May Suspend Syria Sanctions on Energy and Transport

FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo
FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo
TT
TT

EU May Suspend Syria Sanctions on Energy and Transport

FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo
FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo

The European Union may soon suspend sanctions on Syria related to energy and transport but has yet to agree on whether to ease restrictions on financial transactions, according to three diplomats and a document seen by Reuters.
EU foreign ministers will discuss the matter at a meeting in Brussels on Monday. The bloc’s foreign policy chief Kaja Kallas told Reuters on Wednesday she hopes a political agreement on easing the sanctions can be reached at the gathering.
Europe’s approach to Damascus began to shift after Bashar al-Assad was ousted as president in December by Hayat Tahrir al-Sham (HTS), which the United Nations designates as a terrorist group.
Officials see transport as key for helping Syria’s airports become fully operational, which in turn could facilitate the return of refugees. Energy and electricity are similarly seen as important for improving living conditions to help stabilize the country and encourage citizens to come back.
According to an EU document seen by Reuters, diplomats from the bloc's 27 members recommended taking swift action towards suspending the restrictions "in sectors necessary for economic stabilization and launch of economic reconstruction of Syria, such as those regarding energy and transport”.
The diplomats, who are part of a group that negotiates the EU’s foreign policy positions on issues related to the Middle East and North Africa, also recommended “assessing options for reopening banking and investment relations with Syria”.
“The easing of EU restrictive measures would be rolled out in a staged approach and in a reversible manner, regularly assessing if the conditions in Syria allow for further suspension,” the diplomats wrote, pointing to the need for respect for fundamental freedoms and an inclusive transition.
The wording of the document represents a compromise among EU capitals. Some governments want to move quickly to suspend sanctions, while others prefer a more careful and gradual approach to ensure Europe retains leverage.
If a political agreement is announced on Monday, European officials would proceed to work on the technical details of a suspension.
A number of sanctions should remain in place, according to the document, including measures related to the Al-Assad regime, illicit drug trade and arms trade.