By Muhammad Rafiq
ABU DHABI: The Abu Dhabi Chamber of Commerce and Industry, in cooperation with Etihad Credit Insurance (ECI), has developed a research paper titled “Expanding Your Export Opportunities – Supporting Private Sector’s Exports”, which revealed 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 significant growth reflects Abu Dhabi’s expanding exports and underscores local efforts to boost trade opportunities and enhance the UAE’s global trade footprint.
which revealed 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.
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, particularly in the transportation and storage sector which 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 AED 390 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, South Korea, and Malaysia. This includes a variety of products such as electronic equipment, machinery, metals, medicine, vegetable oils, and others.
Prepared within the framework of a shared vision and strategic cooperation between the Abu Dhabi Chamber and the ECI, the research paper underscores their mutual commitment to enhancing the UAE’s economic growth and export capabilities through empowering the private sector, creating economic and investment opportunities, supporting national industries, and stimulating the UAE’s export and re-export movement.
Significant Impact on the National Economy
The paper reflects the remarkable development and rapid growth in the volume of foreign trade in the UAE, driven by the Comprehensive Economic Partnership Agreements (CEPAs) concluded with various countries worldwide. These achievements are in line with the directives and vision of our wise leadership, supported by national entities, which have had a significant and tangible positive impact on the national economy.
Through its strategic plans, initiatives, partnerships, services, projects, and diverse programs, the Abu Dhabi Chamber aims to bolster these national efforts to increase foreign trade volume and enhance the local business ecosystem, thereby attracting more investments to the Emirate of Abu Dhabi. The Chamber has seen a 20.6% year-on-year increase in the number of companies registered through its membership, underscoring the effectiveness of the Chamber’s initiatives and their contribution to fostering a business-friendly environment and the expansion of international trade.
Diverse Global Scope
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 Comprehensive Economic Partnership Agreements (CEPAs) with various countries at regional and global levels, with ongoing discussions to establish new agreements with promising and vital markets.
The paper explains that the development of UAE exports can be influenced by numerous economic motivators, which can be classified into four main groups, including policies to support companies and thereby increase exports and attract investments, promotional operations and efforts undertaken by the government, direct and indirect financing and financial incentives provided to exporters, and facilitation initiatives to remove obstacles or barriers to trade and increase the exports of goods and services.
The partnership between the Abu Dhabi Chamber and the ECI supports major manufacturers, exporters, and re-export operations in the UAE by providing a comprehensive system for export growth. The ECI offers innovative credit solutions that facilitate access to financing, provide valuable market insights, enhance strategic cooperation, and boost the export capabilities of UAE industries. This collaboration contributes to economic diversification and the achievement of sustainable development.
The report issued on the research paper covers four main points: an overview of the general framework of strategic UAE companies and exports, an overview of the established economic ties the UAE has formed via CEPAs, insights into UAE trade data, and the UAE’s most important initiatives for promoting international trade.
