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THE ECONOMY - TRADE

UAE-Australia to discuss Free Trade

Posted on 14/03/2005

Sydney - Sheikha Lubna Al Qasimi, Minister of Economy and Planning affirmed yesterday the importance of economic cooperation between the UAE and Australia. A huge delegation comprising 55 government and private sector representatives is currently on a five-day visit to Australia to discuss the launching of Free Trade negotiations between both countries. She said that the UAE-Australia joint meeting due to take place in Canberra next Tuesday, will announce the commencement of the Free Trade ...  >>MORE

UAE, US FTA talks end on upbeat note

Posted on 12/03/2005

The first round of talks between the UAE and US on the proposed Free Trade Agreement (FTA) ended on Thursday with both parties voicing an upbeat note on their eventual outcome. "To date, the talks have been very positive and there has been willingness on both sides to commit to ensuring we reach an agreement that is satisfactory to both sides," Dr. Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs told a press conference at the Emirates Palace hotel today. ...  >>MORE

UAE and Singapore in pact paving way to FTA

Posted on 12/03/2005

Singapore : Singapore and the UAE signed an economic pact yesterday that could lead to a full-blown free trade agreement between the two countries. Singapore has led its neighbours in tearing down trade barriers and has moved this year to foster stronger economic ties with the Middle East. Singapore's Trade Minister Lim Hng Kiang and UAE Minister of Economy and Planning Sheikha Lubna Al Qasimi signed the pact during the latter's two-day visit to Singapore. Singapore's Senior Minister Goh ...  >>MORE

FTA between US, UAE will be mutually beneficial: US official

Posted on 09/03/2005

The US and the UAE formally launched the first round of Free Trade Agreement (FTA) negotiations yesterday. The US delegation, led by Assistant United States Trade Representative Catherine A. Novelli, is participating in the three-day long round of negotiations with the UAE Government. Novelli told a press conference yesterday that the FTA between the UAE and the United States is an excellent opportunity for both countries to expand trade and investment links with each other's market. The UAE ...  >>MORE

UAE, US begin phase I of Free Trade agreement dialogue

Posted on 09/03/2005

The UAE and the United States began in Abu Dhabi yesterday at the Emirates Palace Hotel the first phase of negotiations aimed at reaching agreement on free trade between the two countries. Minister of State for Financial and Industrial Affairs, Dr. Mohammed Khalfan bin Kharbash, headed the UAE side, which includes Minister of Economy and Planning, Sheikha Lubna Al Qasimi, while the US side was headed by Catherine Novelli, Assistant US Trade Representative for Europe, Middle East and North ...  >>MORE

UAE-US FTA talks impose no changes in Abu Dhabi's political stance

Posted on 08/03/2005

The UAE's negotiations with the US on a Free Trade Agreement (FTA) don't commit the UAE to any changes in its foreign policy's political stances, a senior UAE economic official affirmed yesterday. 'There are no political conditions in the FTA. The aim of entering into free trade negotiations with the US is to spur further growth of the UAE economy and bolster its standing as a leading regional economic power, said Dr. Mohammed Khalfan bin Kharbash, Minister of State for Financial and ...  >>MORE

UAE's exports to Japan touch US$18.2b

Posted on 05/03/2005

The UAE's exports to Japan reached US$18.2 billion (Dh67 billion) last year, said a top Japanese official. Manufactured products constituted more than 95 per cent of the total exports to the UAE, of which 75 per cent included machinery and electronic equipment. "The Middle East is very important to Japan, as a major portion of Japan's oil imports come from the UAE, especially Abu Dhabi," said Yoshio Minagi, managing director of Japan External Trade Organisation (Jetro). "Japan's imports ...  >>MORE

FTA Negotiation Council gears up for upcoming US discussions

Posted on 02/03/2005

The UAE Free Trade Agreement (FTA) negotiation council held a meeting yesterday to discuss preparations for the first round of negotiations with the USA to be held next week at the UAE Palace, Abu Dhabi. The meeting with the council's sub-teams was co-chaired by Dr. Mohammed Khalfan bin Kharbash, Minister of State for Finance and Industrial Affairs and Sheikha Lubna Al Qasimi, Minister of Economy and Planning. "The aim of this meeting was to unify the UAE's position on various trade-related ...  >>MORE

UAE-Germany trade exchange set to grow 11 pc in 2005: Germany envoy

Posted on 01/03/2005

UAE is the major trade partner to Germany in the Middle East and Gulf region with trade exchange touching Dh 20 billion last year, German ambassador Dr. Jurgen Steltzer has said. 'We project a growth of 11 per cent in the two-way trade exchange fuelled by fruitful economic partnership and inflow of investment to both countries,' Steltzer said. He told the Emirates News Agency (WAM) that German Chancellor Gerhard Schroeder would hold during his two-day visit to UAE on Friday talks with ...  >>MORE

Sheikha Lubna highlights private sector's role in FTA

Posted on 28/02/2005

The United Arab Emirates' private sector has a pivotal role to play in preparations for the first round of negotiations on the proposed Free Trade Agreement with the United States, according to Sheikha Lubna Al Qasimi, Minister of Economy and Planning. "The country's negotiating team will do its best, with the help of local and international experts, to reinforce negotiations capabilities. The country's chambers of commerce and industry can play a vital role through studies and seminars on ...  >>MORE

Dubai and Australia eye US$1b non-oil trade

Posted on 22/02/2005

"Non-oil trade between Dubai and Australia has reached about US$625 million in the year 2003. We look forward to boost the volume of our non-oil bilateral trade in the coming two years to cross the ceiling of one billion US dollars,” said Abdulrahman Saif Al Ghurair, First vice-president of Dubai Chamber of Commerce & Industry (DCCI). He was speaking at a meeting held between the DCCI and Australian trade delegation from Queensland at the DCCI headquarters yesterday. The Australian ...  >>MORE

Land Transport Customs Centre cargo hits Dh3.2b in '04

Posted on 21/02/2005

About Dh3.2 billion worth of non-oil-related foreign trade passed through Dubai Ports, Customs and Free Zone Corporation's Land Transport Customs Centre in 2004, officials said. "We experienced dynamic export, import and re-export activity with our foreign trading partners, particularly during the first quarter of the year. "This corresponds with Dubai Shopping Festival activities," said Abdul Razaq Al Faqeeh, head of the Land Transport Customs Centre, according to the Gulf News. About ...  >>MORE

Dubai' non-oil foreign trade via land reaches Dh3.2 billion in 2004

Posted on 20/02/2005

Dubai's non-oil foreign trade through the land transport customs centre stood at Dh 3.2 billion in 2004. 'The centre saw robust inbound and outbound traffic in 2004 where a total of 27,300 trucks passed through the centre carrying 460,000 tonnes,' said Abdul Raziq Al Faqih, Director of the centre. He noted that March was the most active month with value of trade worth Dh 334.1 million. He also remarked that export, re-export and import trade witnessed high growth in the first quarter of the ...  >>MORE

UAE investments in Sudan over US$1 billion

Posted on 06/02/2005

UAE's investments in Sudan have surpassed the US$1billion mark except in the oil and minerals sectors. It is expected, however, that a US$500 million will be injected into the Sudanese market during the current year in the form of investments. According to sources in the Sudan's stock market, about 70 per cent of two new banks' share capital worth US$300 million, are owned by UAE businesses. (The Khaleej Times) ...  >>MORE

Italy's exports to UAE up 15 per cent

Posted on 06/02/2005

The volume of exports from Italy to the UAE amounted to Dh11.5 billion between January and October 2004 compared to Dh8.6 billion obtained during the same period of 2003, up 15 per cent, according to the chairman of Dubai-based Council of Italian Businessmen. He said Italy's imports from the UAE reached Dh995 million in 2004 compared to Dh700 million worth of imports in 2003, adding that his country's imports from the UAE have risen despite a rise in the value of the euro against the dollar ...  >>MORE

UAE -Japan trade surged 16per cent in first-half of last year

Posted on 24/01/2005

Japanese trade with the UAE during the first six months of 2004 expanded by 16.4 per cent to US$10.1937 billion compared to US$8.754 billion during the same period in 2003. This is almost 72 per cent of the total trade value for the year 2003. During the first half of 2004 there had been a big jump of 32.31 per cent in the imports of the UAE that reached to a US$2.137 billion while the export from UAE grew by 12.85 per cent to US$8.056.0 billion. Japan's world trade during this period rose ...  >>MORE

Pakistan's exports to UAE doubles

Posted on 05/01/2005

Pakistan's exports to the UAE have doubled during the last five years, a Pakistani official said. Bilateral trade between the UAE and Pakistan reached US$2.5 billion (Dh9.1 billion) last year, which includes US$1.5 billion (Dh5.5 billion) worth of exports from the UAE to Pakistan, said Tariq Ekram, Pakistani Minister of State and chairman of the country's Export Promotion Bureau. Pakistan attracted US$1 billion (Dh3.67 billion) in foreign direct investment (FDI) last year. "This include ...  >>MORE

Non-oil foreign trade crosses Dh100b

Posted on 05/01/2005

Dubai's non-oil foreign trade in the first half of 2004 crossed the Dh100 billion mark, according to the Dubai Chamber of Commerce and Industry. "We still do not have the full year's statistics. We do know the value of the certificates of origin issued by the Dubai Chamber of Commerce and Industry [DCCI] grew by 20 per cent last year," said Abdul Rahman G. Al Muttaiwee, DCCI director-general. "Our membership rose to 74,000 last year. About 65 per cent of these are active, while the rest are ...  >>MORE

Iran's top industrial and tourist facilities displayed in Sharjah

Posted on 27/12/2004

The UAE remained Iran's largest trading partner in 2003 with the flow of goods between them standing at Dh16.1 billion in value, up 53.2 per cent over the previous year. This represents 13.5 per cent of Iran's Dh118.95 billion in world trade. These figures were revealed by the Sharjah Economic Development Department during the opening of the Iran Trade and Tourism Week yesterday. The event was inaugurated at the Expo Centre Sharjah by Shaikh Tariq Bin Faisal Al Qasimi, Chairman of the ...  >>MORE

UAE leading importer of Saudi goods

Posted on 20/12/2004

The UAE is the world's top importer of goods from Saudi Arabia, according to a report from the Saudi Customs Department. The just-released annual report said in 2003 the UAE imported goods worth 39.05 billion Saudi riyals (Dh38.26 billion), up by 9.2 per cent from 2002. Kuwait was second, importing goods worth 2.9 billion riyals (Dh2.84 billion). China was No 3, with imports of 2.3 billion riyals (Dh2.25 billion), followed by Singapore with 2.2 billion riyals (Dh2.15 billion) and the ...  >>MORE

Surge in trade between Kenya and the UAE

Posted on 12/12/2004

Kenya occupies an important position as one of the strategic countries situated in Africa, said Dr Ahmed Abdulrahman Al Banna, deputy director-general, Dubai Chamber of Commerce and Industry (DCCI). The statement came in an open meeting with a 450-member Kenyan delegation at the DCCI's auditorium recently, where Dr Al Banna gave an in-depth presentation confined to Dubai economic indicators and its business relations and trade with Kenya. Bishar Abdulrahman Hussein, Ambassador of Kenya to UAE ...  >>MORE

UAE-China trade to touch US$10 billion this year

Posted on 11/12/2004

The total value of bilateral trade between UAE and China is expected to reach US$8 billion by the end of this year, according to the official estimates. The figure is expected to swell to US$10 billion by the end of the next year. In the first 10 months this year, trade value stood at US$6.4 billion, which exceeded the total volume of the whole last year. It is expected that this figure will top US$8.5 billion by the end of this year. These figures were announced at the UAE-China Forum on ...  >>MORE

Japan's imports from the UAE increase

Posted on 07/12/2004

Higher prices and increased offtake of crude oil raised the value of Japan's imports from the UAE to Dh29.58 billion (US$8.06 billion) for the first half of 2004. The figure for the corresponding period last year was Dh26.16 billion (US$7.13 billion), according to figures released by Japan External Trade Organisation (Jetro). The balance of trade continues to be well in favour of the UAE, which remained the largest supplier of crude and related products to Japan. The volume of trade ...  >>MORE

Non-oil trade between UAE and India up

Posted on 29/11/2004

Non-oil trade between the UAE and India grew 61 per cent during the 2003-04 fiscal year, reaching Dh25.72 billion (US$7 billion), officials said. Most of this is channelled through Dubai. Trade between India and Dubai reached Dh13.08 billion in 2003, which represents 8.55 per cent of the emirate's total non-oil trade. A number of local companies are owned by non-resident Indians (NRIs). About 600, or 16 per cent, of the 3,800 companies registered in the Jewel Ali Free Zone (Jafz) are owned ...  >>MORE

Malaysia top SE trading country for UAE

Posted on 29/11/2004

Malaysia has emerged as the top exporter from the Southeast Asian region to the UAE, trade statistics show. According to the Malaysian External Trade Department Corporation (Matrade) office in Dubai, Malaysia ranked as the top exporter to the UAE in 2003 among the Southeast Asian countries. From January to September this year, Malaysian exports to the UAE increased by 46.6 per cent compared to the same period of 2003. Trade between the two countries in 2003 amounted to US$1.41 billion, of ...  >>MORE

Chinese exports to UAE rise 45.5%

Posted on 27/11/2004

Trade between the UAE and China in the first eight months of the current year reached US$5.1 billion (Dh18.72 billion), against US$5.8 billion (Dh21.29 billion) for the whole of 2003, according to trade figures released by the Sharjah Chamber of Commerce and Industry (SCCI) yesterday. During this period, China exported goods worth US$4.43 billion (Dh16.26 billion) to the UAE, an increase of 45.5 per cent. The number of Chinese enterprises registered in the country exceeded 350 with ...  >>MORE

UAE grabs lion’s share of Iraqi market

Posted on 27/11/2004

The UAE has become the biggest exporter to post-war Iraq, surpassing Jordan, Iran, France, China and Russia, according to an economic report published by HSBC Bank. In 2003, UAE exports and re-exports to Iraq reached US$1.034 billion (Dh3.8 billion). Exports of UAE products to Iraq totalled US$588 million (Dh2.16 billion), while goods shipped from Dubai's free zones rose to US$399 million (Dh1.46 billion). The bulk of UAE exports last year comprised automobiles worth US$296 million (Dh1.08 ...  >>MORE

UAE posts Dhs.4.7 billion in balance of trade surplus

Posted on 22/11/2004

The UAE posted a total of Dhs.4.7 billion in balance of trade surplus during the year 2003 against a Dh1.5 billion deficit in the previous year. According to a UAE Central Bank report for the year 2004 released in Abu Dhabi yesterday, trade balance surplus rose by 45.7 per cent to Dhs.78 billion as a result of significant growth in the exports of the hydrocarbon, re-export and other sectors to Dhs.247 in 2003 against Dhs.192 in the year 2002. The report noted that the growth continued ...  >>MORE

Dubai textile trade pins hopes on Europe

Posted on 20/11/2004

The Dubai textile trade is looking more to Europe than to the US as quota restrictions are scaled back beginning next year. Currently, Western Europe represents only a marginal market for textile wholesalers here. It is estimated that it could not be larger than two per cent of the Dh12 billion trade in textiles that Dubai registered in 2003. In stark contrast, markets across Eastern Europe account for 15 to 20 per cent, and have been growing significantly in the last few years. The European ...  >>MORE

U.S. to Open Free Trade Talks with UAE, Oman

Posted on 18/11/2004

U.S. Trade Representative, Robert B. Zoellick, has announced the US Administration's intent to negotiate Free Trade Agreements with the United Arab Emirates and Oman, saying that the move was an important step on the path to fulfilling the US President's vision of developing economic growth and democracy in the Middle East. According to a press release from the US Embassy here, Zoellick had sent a letter to Congressional leaders to notify them of this intent to negotiate, in accordance with ...  >>MORE

UAE-China trade to exceed US$5.8b

Posted on 18/11/2004

Chinese investments in the UAE are set to rise with more Chinese firms lining up to set up shop in the UAE. Till the end of 2003, the Chinese investments in the UAE totalled US$50.1 million and the number of registered Chinese firms has exceeded 350. The bilateral trade between China and the UAE reached US$5.8 billion in 2003 and is set to exceed this figure as the trade value till August 2004 was US$5.1 billion. China exported goods worth US$4.43 billion during this period, registering an ...  >>MORE

UAE-UK trade increases 16pc in five months to Dh9.4b

Posted on 17/11/2004

A total of Dh9.4 billion was generated from trade between the UAE and the United Kingdom during the past five months. The figure represents a 16 per cent increase compared with the same period last year. The UAE imported Dh5.8 billion worth of goods and commodities from the United Kingdom, a 9 per cent rise on last year, according to a report. UAE imports include technical products and machinery. Dubai makes up 58 per cent of the UAE import market. UAE exports, which consist of various ...  >>MORE

Dubai trade sector contributes 47.3% to UAE GDP

Posted on 16/11/2004

The trade sector in Dubai contributed 47.3 per cent to the total UAE trade gross domestic product (GDP) in 2003, according to a survey by the Dubai Chamber of Commerce and Industry (DCCI). The contribution of the trade sector to non-oil GDP of Dubai was 17.2 per cent in 2003, according to a report in "The Gulf Today.” The trade sector consists of three sub-sectors: trading of goods, trading and repairing of motor vehicles and motor bicycles, and other commercial activities and goods ...  >>MORE

UAE largest trade partner to Iraq in 2003: HSBC

Posted on 24/10/2004

The UAE was the largest supplier of commodities to Iraq after the war Iraq last year with exports and re-exports amounting to US$1 billion, according to banking figures. "UAE's exports and re-exports to Iraq after the war were valued at US$1.03 billion in 2003. Dubai alone accounted for US$987 million, statistics by HSBC Middle East showed. The figures noted to the diverse basket of export and re-export commodities, but added that four major sectors had dominated trade scene- transport ...  >>MORE

UAE-India trade increases 67pc to Dh26.28b

Posted on 16/10/2004

Trade between India and the UAE, excluding oil and refined products, has experienced the strongest growth with volumes surging 67 per cent to Dh26.28 billion (US$7.14 billion) during India's last fiscal year, which ended on March 31. Revealing these figures, Y.K. Sinha, consul-general of India in Dubai, said this was mainly due to the unprecedented growth in the UAE's exports to India, which soared 116 per cent from US$957 million to US$2.059 billion. "The non-oil trade balance has always ...  >>MORE

US happy with UAE's progress on reforms

Posted on 16/10/2004

The UAE's progress in terms of economic reforms and trade liberalisation has been praised by Robert B. Zoellick, US Trade Representative, major UAE dailies reported yesterday. "The US wants to firm up free trade agreements with countries of the Middle East, including the UAE," he said on Wednesday evening. The rapid progress would enable the FTA with the UAE to be signed that much sooner, the US official said. Zoellick's statement gains significance in the context of the Trade and Investment ...  >>MORE

Dubai-UK trade surges 92pc

Posted on 11/10/2004

The two-way trade between Dubai and the United Kingdom grew by 92.1 per cent in 2003 over 2002 from Dh746 million to Dh1.4 billion. According to Dubai's Department of Tourism and Commerce Marketing (DTCM), the number of Dubai hotel establishment guests from the UK also rose in 2003 to 458,451while during the first half of 2004, 281,919 guests visited Dubai. There was an increase of 15.2 per cent in passengers passing through Dubai airport in 2003 over 2002 from 1.62 million to 1.87 million. ...  >>MORE

British exports to UAE touch 2billion

Posted on 21/09/2004

UK exports to the UAE touched two billion pounds last year, recording a healthy increase of 51 per cent last year. Out of this, some 1.4 billion pounds worth of exports were destined to Dubai only, according to a senior official from British Embassy. Claire Evans, head of trade and investment and deputy head of post, British Embassy told this correspondent that the figures for the first six months of this year were up 30 per cent compared to the same period of last year, the "Khaleej Times” ...  >>MORE

UAE upbeat on trade pact with US

Posted on 19/09/2004

The UAE is ready to enter negotiations with the United States for a full-fledged free trade agreement that would dramatically boost trade and the flow of investment between both countries. "We are looking forward to signing the agreement in less than a year," Mohammad Khalfan Bin Kharbash, UAE Minister of State for Financial and Industrial Affairs, told the American Business Council yesterday. Kharbash said the FTA would automatically eliminate the need for trade sponsorships that have ...  >>MORE

Dubai World Trade Centre gets new chief

Posted on 06/09/2004

Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Industry and Chairman of Dubai World Trade Centre, has appointed Helal Saeed Khalfan Al Marri as the director general of the Dubai World Trade Centre (DWTC). Before joining DWTC, Al Marri was a strategy consultant with Mckinsey & Co, which is one of the top consulting firms in the world. Earlier he worked with KPMG, London, in the areas of assurance and transaction services. Al Marri holds an MBA degree ...  >>MORE

Sweden's trade with UAE rebounds this year

Posted on 05/09/2004

Sweden's exports to the UAE have rebounded this year after plummeting in 2003 and imports have risen sharply, the latest figures released by the embassy here show. Trade suffered last year mainly due to the war in Iraq as other Scandinavian countries also deferred exports to this region. Swedish exports to the UAE, its second largest trading partner in this region after Saudi Arabia, fell to 2.096 billion crowns in 2003 compared to 3.066 billion crowns the preceding year, a drop of 32 per ...  >>MORE

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Quick List

UAE-Australia to discuss Free Trade


UAE, US FTA talks end on upbeat note


UAE and Singapore in pact paving way to FTA


FTA between US, UAE will be mutually beneficial: US official


UAE, US begin phase I of Free Trade agreement dialogue


UAE-US FTA talks impose no changes in Abu Dhabi's political stance


UAE's exports to Japan touch US$18.2b


FTA Negotiation Council gears up for upcoming US discussions


UAE-Germany trade exchange set to grow 11 pc in 2005: Germany envoy


Sheikha Lubna highlights private sector's role in FTA


Dubai and Australia eye US$1b non-oil trade


Land Transport Customs Centre cargo hits Dh3.2b in '04


Dubai' non-oil foreign trade via land reaches Dh3.2 billion in 2004


UAE investments in Sudan over US$1 billion


Italy's exports to UAE up 15 per cent


UAE -Japan trade surged 16per cent in first-half of last year


Pakistan's exports to UAE doubles


Non-oil foreign trade crosses Dh100b


Iran's top industrial and tourist facilities displayed in Sharjah


UAE leading importer of Saudi goods


Surge in trade between Kenya and the UAE


UAE-China trade to touch US$10 billion this year


Japan's imports from the UAE increase


Non-oil trade between UAE and India up


Malaysia top SE trading country for UAE


Chinese exports to UAE rise 45.5%


UAE grabs lion’s share of Iraqi market


UAE posts Dhs.4.7 billion in balance of trade surplus


Dubai textile trade pins hopes on Europe


U.S. to Open Free Trade Talks with UAE, Oman


UAE-China trade to exceed US$5.8b


UAE-UK trade increases 16pc in five months to Dh9.4b


Dubai trade sector contributes 47.3% to UAE GDP


UAE largest trade partner to Iraq in 2003: HSBC


UAE-India trade increases 67pc to Dh26.28b


US happy with UAE's progress on reforms


Dubai-UK trade surges 92pc


British exports to UAE touch 2billion


UAE upbeat on trade pact with US


Dubai World Trade Centre gets new chief


Sweden's trade with UAE rebounds this year