UAE Strengthens Economic Partnerships and Achieves Remarkable Growth Through Comprehensive Economic PartnershipsIntroduction:
The United Arab Emirates (UAE) continues to make significant strides in expanding its economic partnerships and achieving remarkable growth through comprehensive economic partnership agreements (CEPAs). These agreements not only strengthen bilateral ties but also promote economic diversification and stability. The recent signing of the CEPA between the UAE and Turkey, as well as the UAE-India CEPA, highlight the country's commitment to reducing reliance on oil and fostering non-oil sectors' contribution to the GDP.
Comprehensive Economic Partnership Agreement with Turkey:
In a show of solidarity and cooperation, Sheikh Mohamed, the Crown Prince of Abu Dhabi, and his friend Tayyip Erdogan, the President of Turkey, signed the Comprehensive Economic Partnership Agreement between the UAE and Turkey. This landmark agreement further strengthens the partnership between the two countries, building upon their longstanding ties. The UAE-Turkey CEPA is expected to deliver enhanced growth, opportunity, and stability for both nations and their people. [1]
UAE-India Comprehensive Economic Partnership Agreement:
The UAE's vision of reducing dependence on oil and diversifying its economy has yielded promising results through the signing of the UAE-India CEPA. Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, revealed that bilateral non-oil trade between the UAE and India has witnessed a notable 7% increase, reaching $45.5 billion in just 11 months since the CEPA came into effect on May 1, 2022. This significant growth in trade reflects the success of the UAE's efforts to expand economic cooperation with one of its largest trading partners. [2]
Promoting Economic Cooperation through I2U2 Initiative:
Recognizing the importance of global economic cooperation, the UAE, along with the United States, India, and Israel, launched the I2U2 initiative. This new economic cooperation endeavor aims to strengthen ties and foster collaboration among these nations. By leveraging each country's strengths and resources, the I2U2 initiative seeks to drive sustainable economic growth and shared progress. This demonstrates the UAE's commitment to engaging in constructive dialogue and collaboration on a global scale. [3]
Focus on Financial Inclusion and Inclusive Growth:
In addition to forging strong economic partnerships, the UAE places great importance on financial inclusion. The country's President has emphasized the need for all segments of society to benefit from the opportunities that arise with economic growth. By prioritizing financial inclusion, the UAE aims to ensure that the benefits of a thriving economy are accessible to all its citizens, fostering a more inclusive and equitable society.
Conclusion:
The UAE's commitment to comprehensive economic partnerships has proven to be a catalyst for growth, diversification, and stability. The signing of the CEPA with Turkey and the UAE-India CEPA has led to remarkable trade growth and strengthened bilateral ties. Additionally, initiatives like I2U2 highlight the UAE's dedication to global economic cooperation. By focusing on financial inclusion, the UAE aims to ensure that the benefits of economic growth are shared by all segments of society. With these strategic efforts, the UAE is paving the way for a prosperous and inclusive future.
External links:
[1] UAE-Turkey CEPA signing: [link to the news article or official statement]
[2] UAE-India CEPA growth announcement: [link to the news article or official statement]
[3] Information on the I2U2 initiative: [link to the news article or official statement]
