UAE’s economy is set to benefit with a 2.6 percent growth by 2030 following far-reaching trade pacts with India, Israel, and Indonesia, WAM has reported, citing a minister.
Thani bin Ahmed Al Zeyoudi, Emirati minister of state for foreign trade, was referring to the comprehensive economic partnership agreements (CEPA), the UAE has signed so far.
“After the signing of the CEPA with Indonesia, we now have access to a large market with 1.7 billion people, including 1.4 billion people in India and 280 million in Indonesia, in addition to nearly 10 million people in Israel,” he said.
The comments came after the UAE announced its finalised the CEPA signing with Indonesia last week, following deals with Israel and India in recent years.
Al Zeyoudi explained how the CEPAs open large markets for the UAE, particularly highlighting the massive populations of India and Indonesia.
The CEPA with India is expected to drive a 1.7 percent growth in the UAE economy by 2030, while the recently signed deal with Indonesia is expected to drive a 0.87 percent increase, the minister added.
The country is in talks with “several African and East Asian countries” to sign similar trade agreements with, Al Zeyoudi said, adding it is also currently negotiating with Georgia and Chile.
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