When it comes to international trade, the United Arab Emirates (UAE) is a major player in the global market. With its strategic geographic location and booming economy, the UAE has established trade agreements with numerous countries around the world. In this article, we`ll take a closer look at some of the countries that have a trade agreement with the UAE.
1. United States of America
The UAE and the United States have a strong trade relationship that dates back to the 19th century. In 2002, the two countries signed a free trade agreement (FTA) that has helped to boost trade between them. Today, the UAE is the largest market for US exports in the Middle East and North Africa region, while the US is the UAE`s largest trading partner.
China has become one of the UAE`s top trading partners in recent years. The two countries signed a comprehensive strategic partnership agreement in 2012, which has led to increased trade and investment. In 2019, the UAE-China bilateral trade reached $47.3 billion, making China the UAE`s second-largest trading partner.
India is another major player in the UAE`s trade relations. The two countries have a long-standing economic partnership that dates back to the 1950s. The UAE is India`s third-largest trading partner, while India is the UAE`s second-largest trading partner. In 2019, the bilateral trade between the two countries reached $60 billion.
Japan is a key partner for the UAE in areas such as energy, infrastructure, and technology. The two countries signed an economic partnership agreement in 2008, which has helped to enhance trade and investment between them. In 2019, the bilateral trade between the two countries reached $21.9 billion.
5. South Korea
South Korea is another important partner for the UAE in areas such as energy, construction, and technology. The two countries signed a strategic partnership agreement in 2009, which has led to increased trade and investment. In 2019, the bilateral trade between the two countries reached $16.8 billion.
Switzerland and the UAE have a strong economic partnership that is based on mutual interests and respect. The two countries signed a free trade agreement in 2011, which has helped to boost trade and investment between them. In 2019, the bilateral trade between the two countries reached $10.5 billion.
The UAE has established strong trade relationships with many countries around the world, including the United States, China, India, Japan, South Korea, and Switzerland. These agreements have helped to enhance trade and investment between the UAE and its partners, and have contributed to the growth and stability of the global economy. As the UAE continues to play a prominent role in the international market, we can expect to see more trade agreements between the UAE and other countries in the future.