UAE pursuing a multifaceted approach to expand global economic partnership

The UAE has ambitious economic objectives. It is focusing on expanding global economic partnerships, pursuing a multifaceted approach, ranging from traditional trade and investment relations to more strategic collaborations in areas like technology and clean energy.

The Gulf state seeks to strengthen its position as a global trade and logistics hub. Signing comprehensive economic partnership agreements (Cepas) is key to this goal. This is in pursuit of the nation’s Projects of the 50, representing a series of bold initiatives.

UAE sharing robust economic cooperation globally

1. UAE-Azerbaijan economic partnership

The UAE is among the top five investors in the non-oil sector in Azerbaijan, during the period 1995 to 2015. 343 companies of the UAE operate in Azerbaijan in the fields of industry, construction, trade, agriculture, communication, transport and services.

Both countries are seeking to collaborate in areas like government efficiency and best practices. To date, the UAE has invested at least $2.2 billion in Azerbaijan and the latter has invested a minimum of $347 million in the economy of the Gulf state.

2. UAE-Philippines economic cooperation

The UAE-Philippines economic relations have been getting stronger. Bilateral trade volume has been increasing, a number of agreements and Memoranda of Understanding (MoUs) have been inked, and UAE direct investments in the Philippines are rising.

Bilateral non-oil annual trade doubled to $1.85 billion in 2022 from $830 million in the previous year. In the same year, the Emirates ranked 17th out of 230 countries among the Philippines’ trading partners globally (largest in the Gulf region).

3. UAE-China economic partnership

Since the establishment of diplomatic relations, the volume of bilateral non-oil trade has nearly doubled, reaching an estimated $58 billion in 2018. By the end of the decade, the UAE and China are expected to note trade volumes of $200 billion.

There are more than 6,500 Chinese brands registered in the Gulf state and over 327 trade agencies. The UAE also plays a significant role in the Belt and Road Initiative for International Cooperation launched by Chinese President Xi Jinping in 2013.

4. UAE-Angola financial ties

In a recent development at the UAE Ministry of Finance office in Dubai, ministers from both countries engaged in meticulous discussions on potential areas for cooperation in the financial sector and other sectors of mutual interest.

The UAE-Angola bilateral relations are evolving and expanding at various levels. During the meeting this month, the Emirati side also highlighted the country’s interest in continuing to support different development projects in Angola.

5. UAE-Indonesia special economic partnership

The UAE and Indonesia signed a Cepa in 2022, marking a major milestone in bilateral economic cooperation. Since then, both countries have been recording sizeable increase in trade numbers. The deal is aimed at increasing bilateral trade to $10 billion in five years.

The President of Indonesian recently concluded a state visit to the UAE. During the trip, both sides focused on intensifying the UAE-Indonesia relationship. The focused on different fields of mutual interest such as food security, investment, infrastructure and climate action.

6. UAE-Morocco economic cooperation

The UAE and Morocco share a robust bilateral relationship. They are looking to strengthen parliamentary relations in an effort to indirectly influence economic cooperation and trade agreements. This signifies a focus on building stronger relationships.

The UAE Embassy in Rabat and the Academy of the Kingdom of Morocco recently organised an international seminar titled ‘Morocco-Emirati relations: a prosperous reality and promising prospects’, to mark the 52nd anniversary since the establishment of diplomatic ties.

7. UAE-Poland financial partnerships

The UAE and Poland are seeking stronger methods to improve financial cooperation, exploring opportunities in treasury bonds, fintech and clean energy. This represents a focus on developing a more sophisticated economic partnership, leveraging expertise and technology.

The Emirates remains Poland’s key trading and investment partner in the Persian Gulf and the broader Mena region. The Emirati-Polish bilateral relations are characterised by increasing intensity and constant expansion of areas of cooperation.