Business analysts for the UAE believe that its exports to Indonesia, Israel, and India will grow to $10 billion in the following year, thanks to economic and trade agreements with these countries. Credible sources from the Ministry of Economy in UAE have an average of 190,000 job opportunities for the top talent in the country. Over 1.6 consumers across the world will have easy access to these markets because of these three CEPA agreements.
Kavan Choksi speaks about the key challenges
Business and finance expert Kavan Choksi believes that UAE has made incredible progress despite the challenges in the markets across the world. The region has established a conducive climate that will be highly lucrative from the new opportunities offered by these new sectors in the economy.
Keeping in mind the goal of the President of the UAE, the Ministry of Economy still works with all the stakeholders in the region to establish the best legal framework possible for boosting the GDP growth in the area. He believes that this system should be progressive to encourage models for business for the new sectors in the economy.
Foreign trade will be a significant contributor to the nation’s economy
The UAE connects with over 400 critical cities with its extensive land, maritime, and aviation networks. He believes that foreign trade is a prime driver of the country’s economy and one of its prime pillars of competitiveness and strength, making it a significant logistic hub for the region.
The data from foreign trade reached a sum of nearly 1.9 trillion dirhams in 2021 and grew up to about 27% compared to the figures recorded in 2020 and almost 11% compared to the pre-pandemic levels in 2019, offering a correct translation of the situation.
Growth in the non-oil sector
The non-oil sector witnessed a growth up to 17.3% in the first quarter of 2021 and rose to 47.3%, more than the pre-pandemic average percentage growing up to 354 billion dirhams in 2021.
The Comprehensive Economic Partnership Agreements (CEPA) is an integral part of the efforts of the UAE to promote sustainable growth in the economy. It entered into three signed trade agreements with India, Israel, and Indonesia and is currently talking to other nations for trading negotiations.
The Ministry of Economy in the UAE addressed problems that surged because of the increase in prices to balance the wants of the consumer to buy goods at reasonable prices. It ensures the sustainable supply and availability of stores in the market.
According to finance and business expert Kavan Choksi, the Ministry has been working with regional economic departments and private sector partners that supply diverse commodities and consumer essentials in the market. He believes that the above can fuel research about the rise in the global prices of consumer goods and lead to collaborations to reduce the other effects of price increases across the globe.
Currently, the national priorities of the UAE are to strengthen the framework for consumer protection and create pertinent economic policies. The Ministry and Supreme Committee for Consumer Protection in the region are making efforts to incorporate them. He believes these policies will benefit the area by leading to ethical and economic practices in the local market and building strategic stocks of essential commodities for the consumers.