Updated February 18th, 2024 at 18:07 IST
This significant achievement reflects the UAE’s ongoing efforts to diversify its economy and reduce dependence on oil.
UAE flag | Image:Unsplash
UAE non-oil trade: The United Arab Emirates (UAE) achieved a historic milestone in 2023, with non-oil trade reaching a record high of 3.5 trillion dirhams ($952.93 billion), according to Prime Minister Sheikh Mohammed bin Rashid al-Maktoum. This significant achievement reflects the UAE’s ongoing efforts to diversify its economy and reduce dependence on oil.
Non-oil goods trade experienced a notable 12.6 per cent increase from the previous year, while exports of goods and services exceeded 1 trillion dirhams, setting a new record, as stated by Thani Al Zeyoudi, the Minister of Foreign Trade.
The UAE has actively pursued Comprehensive Economic Partnership Agreements (CEPAs) since 2021, fostering bilateral trade, investment, and cooperation deals to enhance economic diversification. The CEPAs aim to create…