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Mid East Info
a day ago
- Business
- Mid East Info
US$6.4 Trillion Shortfall Spurs Call for Deeper South-South Cooperation at Global South Economic Forum - Middle East Business News and Information
The UAE's Comprehensive Economic Partnership Agreements CEPAs are ideal examples of South-South cooperation that is helping UAE to increase its trade with its partners. Thanks to CEPAs, the UAE recorded a 49 percent jump in its total foreign trade reaching Dh5.23 trillion US$1.42 trillion in 2024, compared to Dh3.5 trillion US$949 billion in 2021, according to the World Trade Organisation WTO. The development financing gap for the Global South could surge to US$6.4 trillion by 2030, according to a recent report published by OECD, underscoring the urgent need for deeper cooperation among developing economies. This call to action was a key message from government leaders and experts convening at the inaugural edition of Global South Economic Forum GSEF, held at Anwar Gargash Diplomatic Academy (AGDA) in Abu Dhabi. As globalisation gives way to a new, multipolar world order, the forum emphasized the growing importance of South-South cooperation in accelerating trade, investment, and strategic partnerships across the developing world through its five thematic sessions. In his Key Note address, His Excellency Ahmed Al Sayegh, Minister of State, Economic and Trade Affairs, Ministry of Foreign Affairs, UAE, said, 'The nations of the Global South are no longer peripheral in global economic affairs. They are central to shaping the agenda, contributing to ideas and advancing frameworks for equitable cooperation. Collectively, these nations are helping recalibrate partnerships and offering pragmatic solutions rooted in shared ambition and mutual respect.' The UAE, he said, believes that the voices, values, and visions of the Global South are indispensable to shaping a more inclusive and balanced international system. 'The Global South today holds unmatched potential as engines of growth and innovation, as stewards of critical resources and cultural heritage and as advocates for a more just and resilient global economy,' he said. 'To realise this potential, we ought to work together to harness emerging technologies including artificial intelligence, clean energy and digital finance, for sustainable development; deepen economic integration through trade corridors, smart infrastructure and investment facilitation; reclaim global narratives toward inclusivity and strengthen South-South and equally important South-North partnerships based on mutual respect, shared opportunity and strategic autonomy,' the Minister said. He further stated, the UAE is proud to contribute to the Global South vision in various ways, including its outward-looking economic diplomacy. 'Whether through investments in clean energy, digital connectivity, food security or development financing, we remain committed to enabling pathways for shared prosperity,' he said, adding, 'As a nation at the crossroads of continent and cultures, the UAE sees its role not only as a bridge but also as a collaborator and catalyst for cooperation that transcends geography,' H.E. Ahmed Al Sayegh added. The UAE's Comprehensive Economic Partnership Agreements (CEPAs) are a leading example of South-South cooperation in action. As a result of these agreements, the UAE's total foreign trade surged by 49 percent, reaching Dh5.23 trillion (US$1.42 trillion) in 2024, up from Dh3.5 trillion (US$949 billion) in 2021, according to the World Trade Organization WTO. Nickolay E. Mladenov, Director General of AGDA, said: 'Through the CEPAs, the UAE is sought to build bridges at a time when others build walls. We hope that the Global South Economic Forum is part of that process of openness, building bridges and allowing countries and thought leaders to align together around ideas for the future ahead of us.' According to a recent Boston Consulting Group BCG report, Global South is becoming a powerhouse of economic growth. Excluding China, the bloc of 133 nations accounts for roughly 18 percent of global GDP. Including China, that share rises to 40 percent – and represents 65 percent of the global population. The combined GDP of these nations is projected to grow by 4.2 percent annually through 2029, more than double the 1.9 percent expected for advanced economies. Trade within the Global South is also rising, with South-South trade projected to grow at a CAGR of 3.8 percent through 2033, compared to 2.2 percent for North-North trade. By 2033, Global South trade could reach US$14 trillion annually. However, the OECD's Global Outlook on Financing Sustainable Development 2025 paints a stark picture. While external finance to developing nations reached US$5.24 trillion in 2022, it still falls short of the US$9.24 trillion required annually to meet the UN 2030 Agenda. The financing gap has widened due to climate change, geopolitical tensions, and slower-than-needed increases in available resources. 'Between 2015 and 2022, financing needs rose 36 percent, while actual resource flows increased by just 22 percent – leaving a 60 percent shortfall,' the OECD warned. Without structural reform, this gap could hit US$6.4 trillion by 2030. Global South Economic Forum GSEF 2025, convened by the Centre of Geoeconomics for the Global South (COGGS) in collaboration with AGDA, Emirates Centre for Strategic Studies and Research (ECSSR), and China's Academy of Contemporary China and World Studies (ACCWS), brought together over 100 delegates – several senior government officials and members of the diplomatic corps in UAE. The forum aims to shape dialogue on geoeconomic challenges, promote regional integration and technology adoption, and enhance collective frameworks for reshaping global economic governance. The Bureau of Research on Industries and Economic Fundamentals has facilitated the presence of the Indian delegation at the forum. Mohammed Saqib, an Economist and Convenor of COGGS, remarked: 'The world is on the cusp of a new economic order. Global South is emerging as a driving force in shaping global systems, and our collective voice is gaining strength in a multipolar world. We are committed to building equitable economic frameworks.' The forum also addressed investment trends. According to the World Investment Report 2024, FDI flows to developing countries declined by 7 percent to US$867 billion, driven largely by an 8 percent drop in developing Asia. Despite over 1,000 new greenfield project announcements in developing countries, most were concentrated in Southeast Asia and West Asia, with Africa and Latin America seeing limited activity. 'GSEF wasn't an echo chamber of ideas – the forum is a crucible of tested wisdom, where real-world experience met real-time challenges. Far from exclusive, GSEF thrives on inclusion, bringing diverse voices to the same table to shape a tomorrow that's moving in many directions,' Ayanangsha Maitra, co-ordinator of GSEF, remarked. About Global South Economic Forum GSEF: Global South Economic Forum (GSEF) is a forum convening ministers, former heads of state from Global South nations. Inaugurated by a ministerial session, the forum is hosted at the Anwar Gargash Diplomatic Academy (AGDA), Abu Dhabi, a globally recognized institution frequented by world leaders and diplomats. GSEF is positioned as a solution-offering platform for the Global South, addressing unfulfilled promises of traditional elite forums. The Forum emphasizes economic resilience, sustainable finance, technological innovation, and inclusive growth for Global South nations. The expert discussants will prescribe actionable solutions to real-world challenges facing the Global South. The Forum aims to secure the interests of Global South nations, with a narrative of empowerment and transformation of institutions and organisations in the age of multi-polarity. About Centre of Geoeconomics for the Global South COGGS: Centre of Geoeconomics for the Global South (COGGS) is bringing together Global South countries with a focus on economics, but its vision extends to broader development, resilience, and economic as well as social collaboration. COGGS is committed to publishing research papers in partnerships with prestigious partner organisations worldwide, including the UAE, Argentina, Egypt, India, and Indonesia.
Al Etihad
07-05-2025
- Business
- Al Etihad
Mohammed bin Rashid meets with foreign trade, CEPA negotiation teams at Ministry of Economy
DUBAI (WAM) His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, met with the Foreign Trade team at the Ministry of Economy and the Comprehensive Economic Partnership Agreements (CEPA) negotiation team, in recognition of their exceptional performance. The teams played a pivotal role in driving the UAE's foreign trade to a historic level in 2024, with total trade reaching Dh5.23 trillion and a trade surplus exceeding Dh490 billion—underscoring the strength and resilience of the national economy. The meeting, which took place at Union House in Dubai, was attended by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE; and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance. During the meeting, which was also attended by Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, His Highness Sheikh Mohammed bin Rashid said that trade has long been a foundation of great civilisations and remains a key pillar of sustainable economic growth. H.H. emphasised that the UAE's success in this vital sector is the result of a forward-looking vision, robust partnerships, flexible policies, and the dedication of teams who see geography not as a boundary, but as a starting point for ambition. H.H. Sheikh Mohammed bin Rashid commended the strong coordination among the entities leading the UAE's foreign trade efforts, encouraging continued innovation to preserve the country's leading position on the global trade map and to sustain the growth of its international trade relations. His Highness Sheikh Mohammed bin Rashid also said that the UAE is not merely keeping pace with global trade, but actively shaping its future. As a strategic bridge between East and West, the nation continues to earn the trust and respect of the international community. His Highness expressed his appreciation to all those contributing to the growth of the UAE's trade ecosystem, noting that their efforts are helping to write the success story of a nation committed to global economic leadership. The meeting was also attended by Lieutenant General H.H. Sheikh Ahmed bin Rashid Al Maktoum, Deputy Chairman of Chief of Police and Public Security in Dubai; H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group; H.H. Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, President of the UAE National Olympic Committee; and H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority. The gathering was also attended by a number of Sheikhs, Ministers, Directors General, members of the Federal National Council, dignitaries, and investors. His Highness engaged in discussions with attendees, focusing on the UAE's sustainable development, economic progress, and the private sector's role in driving growth and innovation. The UAE has signed 21 CEPAs so far, expanding its access to global markets in Asia, Africa, and Latin America—markets that collectively represent around 25% of the world's population. These agreements are an integral part of the UAE's 'Projects of the 50', which play a key role in boosting the nation's non-oil trade. The UAE now accounts for 41.4% of the total goods exports in the Middle East, ranking 11th globally in goods exports and 13th in services exports. On the sidelines of the meeting, Sarah Al Amiri, Minister of Education, delivered a lecture on the integration of Artificial Intelligence (AI) into the curriculum of public schools across the UAE. She emphasised the importance of the UAE government's decision in equipping future generations with the skills to master a technology that will have a transformative impact on various aspects of life, extending beyond just work and production to influence societies at large.
Gulf News
20-04-2025
- Business
- Gulf News
UAE President hails Sheikh Mohammed's vision as nation hits record trade milestone
Abu Dhabi: President His Highness Sheikh Mohamed bin Zayed Al Nahyan has lauded the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE, and Ruler of Dubai, following the announcement of a major trade milestone for the country. The UAE's foreign trade reached a record Dh5.23 trillion in 2024, with a trade surplus of over Dh490 billion, as revealed in a post by Sheikh Mohammed on the social media platform X. Responding to the announcement, Sheikh Mohamed bin Zayed praised Sheikh Mohammed's leadership and the commitment of Emirati teams: 'You have never let us down, my brother Bu Rashid. With your vision, and the dedication of determined, sincere, and capable Emirati teams, you continue to demonstrate to the world that the UAE is truly an exceptional country—just as the late Sheikh Zayed, the nation's founding father, envisioned. Thank you, Sheikh Mohammed, and thank you to all our Emirati sons and daughters who are devoted to the progress and prosperity of our nation.'
The National
20-04-2025
- Business
- The National
UAE foreign trade hits $1.42 trillion in 2024 despite global uncertainties
Foreign trade of the UAE was worth Dh5.23 trillion ($1.42 trillion) last year, a 49 per cent jump from the levels achieved in 2021 as the Arab world's second largest economy continues to forge trade partnerships despite uncertainties that mar the global trade. The Emirates achieved a total trade surplus of Dh492.3 billion in 2024 as the country's exports exceeded imports in the 12 months to the end of December, the UAE Government Media Office said on Sunday, quoting data from the latest World Trade Organisation report. Merchandise exports during the past year reached Dh2.22 trillion, while service exports totalled Dh646.6 billion, with the UAE ranked 11th globally in merchandise exports and 13th in services exports, according to the WTO's World Trade Outlook and Statistics, report. The country's merchandise imports totalled Dh1.98 trillion last year, while service imports reached Dh389.4 billion. The UAE also accounted for 41.4 per cent of the Middle East's total merchandise exports in 2024. 'In a world of economic and trade challenges, the UAE has prioritised openness, connectivity, and the free flow of trade, capital, and people, establishing itself as a vital link between East and West and a global economic centre,' Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, said in a post on X on Sunday. The UAE is putting special emphasis on strengthening its trade ties as part of its economic diversification efforts. The Emirates signed several Comprehensive Economic Partnership Agreements (Cepas) last year as it deepened its trade and investment relations from nations across the continents. The UAE's economy grew by 3.9 per cent in 2024, its central bank has said this month, driven by growth momentum in the country's non-oil sectors amid the push for diversification. The banking regulator expects the country's gross domestic product to increase by 4.7 per cent in 2025 and by 5.7 per cent in 2026. The country's Cepa with partners such as India, Israel, Turkey, Indonesia, Cambodia, Georgia, Costa Rica and Mauritius have already taken effect. Trade deals with a number of countries including Colombia, South Korea, Australia, New Zealand and Malaysia and others are awaiting ratification. 'These achievements stem from national efforts, flexible policies, and strong international partnerships,' said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade. 'The UAE will continue to enhance its global role by facilitating trade, expanding collaborations, and integrating with global value chains.' The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021 and 2024, contributing 2.5 per cent to global merchandise exports and 2.2 per cent to imports, according to the latest WTO data. The UAE's expansion of trade ties comes as push for tariffs by US President Donald Trump has dented prospects of global trade growth this year and added uncertainty to the global economic outlook. Washington's insistence on heavy duties on its trade partners has also soured investment sentiment. Last week, the World Trade Organisation said new tariffs and uncertainty has added 'severe downside risks' to global trade. The WTO currently predicts global goods trade to fall by 0.2 per cent this year after previously forecasting it to grow by 2.7 per cent. 'The UAE's achievements reflect its strategy of innovation and diversification, positioning it to navigate a forecast 0.2 per cent decline in global merchandise trade in 2025,' the UAE Government Media Office statement said. 'Contributing to a 1.6 per cent regional GDP growth in 2024, with projections of 3.2 per cent in 2025 and 3.5 per cent in 2026, the UAE remains resilient. Its economic policies, strategic location, and advanced infrastructure solidify its role as a global trade hub.'
Khaleej Times
20-04-2025
- Business
- Khaleej Times
UAE foreign trade reaches Dh5.23 trillion in 2024 up 49% from 2021
The UAE recorded total foreign trade of Dh5.23 trillion in 2024, a 49 per cent increase from Dh3.5 trillion in 2021, data from the World Trade Organization showed. According to the global lender's World Trade Outlook and Statistics report, the UAE achieved a trade balance surplus of Dh492.3 billion ($134 billion) in 2024, down slightly from Dh573.1 billion in 2023, reflecting stability amid global challenges. The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021 and 2024, contributing 2.5 per cent to global merchandise exports and 2.2 per cent to imports. Exports reached $603 billion (Dh2.2153 trillion), and imports totaled $539 billion (Dh1.9802 trillion) in 2024. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said: 'In a world of economic and trade challenges, the UAE has prioritized openness, connectivity, and the free flow of trade, capital, and people, establishing itself as a vital link between East and West and a global economic centre. Our commitment to openness, trade liberalization, and global connectivity will ensure continued growth and leadership.' The UAE ranked 21st globally in digital services exports, valued at $52 billion (Dh191 billion) in 2024, up from $37 billion in 2021 and $48 billion in 2023. Total digital services trade reached $94 billion (Dh345 billion), comprising one-third of services trade. Digital services imports, at $42 billion (Dh154 billion), also ranked 21st, contributing 1.1 per cent to global imports, reinforcing the UAE's role as a technology hub. Services trade totalled Dh1.036 trillion ($282 billion) in 2024, with exports of Dh646.6 billion (62.4 per cent) and imports of Dh389.4 billion. Information services grew by 14 per cent, tourism by 13 per cent, computer services by 12 per cent, financial services by 9 per cent, and transport, intellectual property, and insurance services by 8 per cent each, contributing 26.4 per cent to global trade, the highest share since 2005. The UAE accounted for 41.4 per cent of the Middle East's $1.5 trillion merchandise exports, with regional exports growing by 3.7 per cent and services by 4.1 per cent in 2024. Globally, the UAE contributed 2 per cent to services exports and 1.3 per cent to imports, with service exports of $176 billion (Dh646.6 billion) and imports of $106 billion (Dh389.4 billion). The UAE advanced from 17th to 13th in services exports and from 19th to 21st in services imports between 2021 and 2024, with services comprising 20 per cent of total trade. In 2024, merchandise sectors grew, with office equipment and telecommunications at 10 per cent, electronics at 6 per cent, and agricultural products, food, and clothing at 3 per cent each. Industrial goods rose by 2 per cent, and chemicals and textiles by 1 per cent, while fuel and mining products fell by 7 per cent, iron and steel by 6 per cent, and automobiles by 1 per cent. Global merchandise exports grew by 2 per cent, reaching $24.43 trillion. The figures are in stark contrast to the anaemic growth in global trade last year, where merchandise trade rose 2.9 per cent and services trade expanded 6.8 per cent. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: 'The UAE has solidified its status as a global trade hub. Ranking 11th in merchandise exports and 13th in services exports, with a trade surplus of Dh492.3 billion, the UAE achieved merchandise exports of Dh2.22 trillion and services exports of Dh646.6 billion, including Dh191 billion in digital services, reflecting 30 per cent growth and leadership in future-oriented sectors. These achievements stem from national efforts, flexible policies, and strong international partnerships. The UAE will continue to enhance its global role by facilitating trade, expanding collaborations, and integrating with global value chains.' Outlook amid global challenges 'The UAE's achievements reflect its strategy of innovation and diversification, positioning it to navigate a forecasted 0.2 per cent decline in global merchandise trade in 2025. Contributing to a 1.6 per cent regional GDP growth in 2024, with projections of 3.2 per cent in 2025 and 3.5 per cent in 2026, the UAE remains resilient. Its economic policies, strategic location, and advanced infrastructure solidify its role as a global trade hub,' a Government Media Office statement said.
