UAE-EU trade hits $65bn

DUBAI / WAM

Two-way trade between GCC countries and the European Union has exceeded EUR143 billion ($175.87 billion) in recent years, according to a senior official of the European Union visiting the UAE to attend the Annual Investment Meeting (AIM) taking place in Dubai from April 9 to 11. This confirms that the European Union is the largest trading partner of the GCC, when counted as a single economy.
In an interview prior to AIM, Ewa Synowiec, Chief Advisor to the European Commission and the General Directorate of Trade, discussed her organisation’s vision on investments and the volume of international trade and investments between the EU and GCC countries, in general, and with the UAE.
Regarding the value of the European Union’s trade with the UAE, she said that the UAE represent by far the largest export market for the EU in the GCC region, with exports amounting to EUR42 billion ($51.65 billion) in 2017 and accounting for 2.3 percent of total EU exports. The UAE was the seventh largest destination for EU products in 2017.
Total trade in goods between the EU and UAE amounted to EUR52.6 billion ($64.69 billion). The most important goods in EU exports were machinery and transport equipment (more than half), manufactured goods and chemicals. The largest share in imports from the UAE to the EU market have mineral fuels, lubricants and other related materials, as well as manufactured goods. The EU-UAE trade in services amounts to almost EUR15 billion ($18.45 billion).
“There is a great potential to further increase our mutual trade, both at the GCC level and bilaterally between the UAE and the EU. The efforts taken by the GCC countries, with the UAE in the lead to diversifying their economies, will lead to an expansion of their export base and is likely to reduce the current trade deficit that the GCC has with the EU. Investment by the EU companies to the GCC will have a crucial role in this transformation process,” she said.
When asked about her expectation from the 8th edition of the Annual Investment Meeting, she noted, “I am expecting an exciting event with the influential worldwide FDI thinkers and experts offering the latest investment intelligence. It is, therefore, a pleasure for me to address the participants in the session on harnessing globalisation, as being one of the big challenges currently for international trade.
“The EU wants to share its experience and approach in the implementation of trade and investment policies, and I am keen to hear from other panelists and speakers about the latest developments and forecasts for the future. This event will provide excellent opportunities to gather a collective intelligence with officials and policymakers, as well as private investors and business leaders, with the aim to enhance cooperation.
The eighth edition of AIM is being organised by the UAE Ministry of Economy, under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The three-day meeting of high-profile officials that includes 25 federal ministers, 19 mayors, eight heads of organisations, one head of parliament and investors, will see the signing of a number of agreements and announcements that are meant to help countries boost the flow of foreign direct investment.