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Trade Balance of the UAE with other countries

Article image: Trade Balance of the UAE with other countries

Over a period of several decades, the UAE international trade has reached the completely new level. Today, the United Arab Emirates holds leading positions in the world rankings in terms of ease of all the procedures in the scope of conducting foreign trade operations. The United Arab Emirates has justly received the title of the largest international trade centre.

Integration and consolidation of work of public institutions and private companies, which are involved in international trade, demanded huge efforts from the state, and the result has justified all the expectations. The work resulted in an effective system that encompasses ports and airports, customs and licensing authorities, ministries and administrations, brokers, agents and other representatives of private business. The main task was to create the most cost-effective system of importing, selling and redirecting trade flows. Additionally, this approach has significantly expanded and strengthened international relations of the UAE.

The volume of international commodities circulation in the United Arab Emirates increases every year and has long ago exceeded the billion dollar mark. According to the experts, the commodities circulation in this region will only increase in the long-term prospect due to the growth in the volumes of reexport. More and more countries establish international trade relations with the UAE and consequently, the number of market participants increases.

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Trade and international relations of the UAE

The attractiveness of the jurisdiction of the United Arab Emirates for private businesses remains undisputed already for many years. Moreover, the attractiveness of the UAE increases steadily amidst the emergence of tendencies of the strengthening of state control over taxation on the international stage. Investment interest is largely dictated by the geographically advantageous location of the country. When considering the UAE as a regional trade centre, it is possible to note a great potential for foreign investors.

The following factors can be singled out among the key features of the jurisdiction:

  • preferential access to all the regional markets;
  • development prospects and population growth;
  • strategically advantageous location in terms of international logistics;
  • access to the major international transportation hubs and the appropriate infrastructure.

The UAE international trade continuously acquires new positive indicators and characteristics. It is not a secret that the United Arab Emirates has established itself as the region’s best reexport trading platform. The Emirates of Dubai and Sharjah are among the leaders in terms of increasing the volume of reexport operations. The lion's share of the reexport flow of cargo falls on air cargo carriage.

Conclusion

Since ancient times, the United Arab Emirates was the centre of trade. In this regard, the current policy of the country gives due attention to the international trade relations. Thus, trade continues to play a key role in the national economy of the UAE.

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