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The UAE is among the top 20 in the world in 16 indicators of competitiveness of foreign trade – economy – local

The UAE was ranked among the top 20 countries in 16 indicators of competitiveness in the world in the foreign trade sector during the year 2020, which indicates a new achievement that establishes the country’s position as a main gateway to global trade.

The data monitored by the Federal Center for Competitiveness and Statistics in these indicators documented what was agreed upon by international reference reports, including the Global Competitiveness Yearbook issued by the International Institute for Administrative Development, the Global Competitiveness 4.0 Report of the World Economic Forum, the Logistic Performance Report issued by the World Bank, and the Index INSEAD Global Innovation, and the Prosperity Index Report issued by the Legatum Institute.

The competitiveness reports covered indicators compared to the foreign trade sector, including the efficiency of the border settlement process and customs clearance, exports of creative goods, imports of goods and services, exports of commercial goods and services, protection policy and terms of trade exchange index.

The analysis of the competitiveness of the UAE in the light of global reports indicators shows that the achievements of the state were a result of the availability of basic factors, including economic planning based on a strategic vision that enhances competitiveness, in addition to the availability of necessary financial and economic resources and capabilities, while enabling the competitiveness of UAE institutions in the public and private sectors, This made the UAE occupy a leading position globally and regionally in commodity trade, and was documented by the reports of the Ministry of Economy, as it ranks third in the world in re-exports and first in the Arab world, and in the list of the 20 most important exporting countries globally, and also in the list of the top 20 countries in global imports.

the trade exchange

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The Global Competitiveness Reports agree to document the positive indicators that reflect the continued momentum of the country’s trade exchange activity with the world during the past year, despite the slowdown in world economies as a result of the temporary closures imposed by the Corona pandemic.

This was shown by recent data by the Federal Center for Competitiveness and Statistics, according to which the value of the UAE’s foreign trade in non-oil commodities exceeded the one trillion dirhams barrier, during the first nine months of 2020.

It also shows that exports and re-exports exceeded the value of imports last September, which exceeded 76 billion dirhams. The surplus in the trade account between the UAE and the Arab world reached the level of 136.5 billion dirhams during the first nine months of 2020.

Arab economies

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The General Index of Competitiveness of Arab Economies 2020, issued by the Arab Monetary Fund, listed the UAE in the first place in the index of trade openness at the level of Arab countries, so that the country also tops the current account balance index, which is one of the indicators of the foreign trade sector, which documents the degree of the local economy’s involvement in the economy. Global through foreign trade.

Non-oil trade

The UAE’s non-oil foreign trade is one of the government’s strategic priorities, and it is also at the forefront of the decision-makers ’concerns in the planning workshop for the second 50th of the UAE centenary.

The state’s record achievements in the foreign trade sector are due to the strategy based on economic openness and liberalization of trade, enabling the business environment with incentive and encouraging laws for investment, and an integrated infrastructure, in addition to integrated economic zones and networks of incentives that have proven successful in speeding the exit from the Coronavirus pandemic. And its throwbacks.

• The achievements of the state were the result of economic planning based on a strategic vision and the availability of capabilities.

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