The Comprehensive Economic Partnership Agreement (CEPA) programme has been a driving force behind the surge in global trade, with non-oil exports reaching a record $816 billion in 2024. This significant increase of 14.6% from last year is a testament to the programme's effectiveness in fostering economic cooperation between nations.
A key example of this success can be seen in Dubai's non-oil trade with EU countries, which has seen significant growth, with bilateral trade valued at over $10 billion in 2023 alone. This upward trend is expected to continue as the UAE and EU work together to remove trade barriers and enhance cooperation.
The CEPA programme has enabled countries to tap into new markets, increase exports, and stimulate economic growth. Companies such as Siemens, a leading German conglomerate, have established strong ties with local businesses in Dubai, driving innovation and investment in key sectors like renewable energy and infrastructure development.
As global trade continues to surge, it is clear that diplomatic efforts led by programmes like CEPA are crucial in fostering economic cooperation between nations. The UAE's commitment to strengthening its trade relationships with the EU will undoubtedly contribute to further growth and prosperity for both parties involved.