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.

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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 percent 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."