The Abu Dhabi Chamber of Commerce and Industry, in cooperation with Etihad Credit Insurance (ECI), has developed a research paper, which revealed a 23.8% year-on-year (YoY) increase in the number of certificates of origin issued between January and May 2024, compared to the same period in 2023.
In a satement on Tuesday, the chamber said that this significant growth reflects Abu Dhabi’s expanding exports and underscores local efforts to boost trade opportunities and enhance the UAE’s global trade footprint.
The paper highlighted the top 10 regional and global markets targeted for exports by Abu Dhabi Chamber members, which are, respectively: Saudi Arabia, Kuwait, Oman, Qatar, USA, Egypt, Bahrain, Jordan, Iraq, and India.
The study indicated that the chamber’s efforts contributed to an increase in local commercial activity compared to 2023, coinciding with a rise in the number of new industrial companies registered with the Abu Dhabi Chamber.
The transportation and storage sector witnessed a remarkable 78% increase between January and May 2024 compared to the same period in 2023.
Additionally, the paper observed that by the end of 2023, the total value of the UAE’s non-oil foreign trade with countries with which it has signed Comprehensive Economic Partnership Agreements (CEPA), both those implemented and those nearing conclusion, surpassed AED390 billion.
The paper also confirmed that the CEPAs have significantly contributed to driving the UAE’s economic growth, enhancing the access of Emirati businessmen to new foreign markets, expanding Abu Dhabi’s export portfolio, and facilitating the entry of Emirati exports into several major markets in the world, most notably India, Indonesia, Turkey, Korea, and Malaysia.
This includes a variety of products such as electronic equipment, machinery, metals, medicine, vegetable oils, and others.
The paper revealed that the patterns of exporting non-oil goods from the UAE now encompass a diverse global scope, with Asia emerging as the leading export destination, followed by the European Union and North America.
Other notable regions include the European Free Trade Association (EFTA) and Africa, along with significant growth in the UAE’s exports to South America, Eastern Europe, Oceania, and Central America.
As of July 2024, the UAE has signed 12 CEPAs with countries at regional and global levels, with ongoing discussions to establish new agreements with promising and vital markets.
Source: www.khaleejtimes.com