The UAE is poised to play a pivotal role in this global trade growth, with its exports projected to reach around AED2 trillion by 2030, showcasing a robust annual growth rate of 5.5 percent. according to a Standard Chartered research study.
The report, titled "Future of Trade: New opportunities in high-growth corridors”, forecasts the global trade industry to reach AED120 trillion by 2030, with a projected growth rate of five percent.
Additionally, the research highlights that trade corridors anchored in Asia, Africa, and the Middle East are expected to outpace the global trade growth rate by almost four percentage points, propelling the combined trade volume in these regions to an astounding AED 53 trillion, accounting for 44 percent of global trade by 2030.
India is set to remain the UAE’s largest export destination, while exports to Turkiye, Vietnam and Singapore are among the fastest growing, the report revealed.
Driven by the government's unwavering commitment to facilitating cross-border trade, the UAE is undergoing substantial capacity expansions in critical industries. Notably, the country has achieved an impressive export diversity ratio of 0.54 percent, surpassing the global average. This is due to the country’s efforts in diversifying exports into non-oil sectors through relaxing foreign ownership rules and offering attractive incentives.
Rola Abu Manneh, Chief Executive officer, Standard Chartered UAE, said,
“The UAE's success in diversifying its exports along with the development of new trade corridors positions the country favourably for sustained growth and reinforces its economic resilience. This achievement is a direct result of the government’s dedicated efforts to facilitating cross-border trade.”
“These trade projections further cement the UAE’s position as the regional trade hub. The UAE continues to advance trade integration, and spearheads diversification efforts with policies supporting innovation and sustainability. We maintain a positive outlook on the UAE’s ability to capitalise on these opportunities and sustain its upward trajectory in global trade arena,"
News Source: Emirates News Agency