Non-oil trade between UAE and EU reached $67.6 billion in 2024
Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, welcomed Maroš Šefčovič, EU Commissioner for Trade and Economic Security, to the United Arab Emirates for ongoing talks regarding the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the EU.
The visit also included an investment roundtable with representatives from leading private sector companies aimed at exploring opportunities for increased collaboration and investment flows between the EU and UAE.
The EU is already one of the UAE's key trading partners, accounting for 8.3 per cent of non-oil trade.
In 2024, non-oil trade between the two reached $67.6 billion, representing a growth of 3.6 per cent over 2023.
The UAE-EU CEPA is poised to be a significant milestone in strengthening economic ties and unlocking new avenues for trade and cooperation. The agreement will pave the way for the removal of trade barriers, enhance market access for goods and services, and stimulate investment in key sectors. By consolidating access to the EU market, the second largest economic bloc in the world, the CEPA will reinforce the UAE's status as a global trade and logistics hub.
Al Zeyoudi emphasised the importance of the CEPA with the EU, stating, 'Our negotiations toward a UAE-EU Comprehensive Economic Partnership Agreement is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to
enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity. By working together, we will strengthen our supply chains, drive innovation, and create jobs that will benefit our communities and economies for many years to come.'
Al Zeyoudi: 'Our negotiations toward a UAE-EU CEPA is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity.'
Maroš Šefčovič commented: 'Europe continues to be a reliable trading partner, which respects the deals it makes. And it is natural to seek to grow our relations with long-standing and trusted partners like the United Arab Emirates.
A bilateral FTA would unlock tremendous business opportunities for European and Emirati businesses alike. Our aim is therefore to reach an ambitious deal that is commercially meaningful on both sides – one that brings tangible, lasting benefits, along with predictability, so essential to any successful business. This would add strength to our regional cooperation with the Gulf Cooperation Council countries.'
During the investment roundtable, representatives from the UAE and the European private sectors, engaged in discussions to identify mutual investment opportunities that can drive innovation and sustainable economic development. FDI flows between the UAE and EU are strong and robust, with recent partnerships in data centers in Italy, solar plants in Spain, and neighbourhood redevelopment in Budapest. A UAE-EU CEPA has the potential to unlock further opportunities, including a $50 billion AI data centre deal with France and a $40 billion commitment in Italy's energy and defense sectors.
The CEPA programme is a key pillar of the UAE's foreign trade agenda, reflecting the nation's commitment to open, rules-based trade to drive economic growth and diversify its economy. By enhancing access to global markets and establishing stronger trade and investment flows with partners around the world, the CEPA programme has contributed to a record non-oil trade of $816 billion in 2024, marking a 14.6 per cent increase over 2023.
Meanwhile Dubai Chambers explored prospects for enhancing trade and investment cooperation between Dubai and European Union countries on Wednesday during a roundtable with a high-level delegation led by Maroš Šefčovič, European Commissioner for Trade and Economic Security.
The roundtable was attended by Sultan Bin Saeed Al Mansoori, Chairman of Dubai Chambers; Dr. Thani Bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade; Lucie Berger, Ambassador of the European Union to the United Arab Emirates; Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; and Leon Delvaux, Director at the Directorate-General for Trade and Economic Security, together with representatives from Dubai and the European private sectors.
Dr. Thani Al Zeyoudi commented, 'The European Union is one of the main pillars of the global economy and our second-most important trade partner. As we accelerate efforts to bring our markets closer together, it is important we build the platforms for our private sectors to identify and explore areas for collaboration, particularly in sectors that align with our economic diversification objectives. The EU-UAE Investment Roundtable is an important opportunity for business leaders from across all industries to build the relationships that can drive trade and investment to even greater heights.'
Sultan Bin Saeed Al Mansoori stated, 'Dubai and the European Union share deep-rooted economic ties built on common interests, mutual aspirations, and a joint commitment to developing a diversified and sustainable economy. Today's roundtable is designed to advance collaboration in high-potential sectors and identify new avenues for growth. We are committed to supporting European companies and enabling them to expand and thrive while leveraging Dubai as a strategic hub to access new opportunities across local and regional markets.'
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