UAE reaffirms greater co-operation among OIC countries to boost economic growth

The Emirates' trade with OIC nations surged to $177bn in 2021

An Egyptian man arranges fruit at a shop in Cairo. UAE trade with OIC countries, such as Egypt, jumped 26 per cent year-on-year to Dh650 billion in 2021. AFP
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The UAE reaffirmed support for greater co-operation among Organisation of Islamic Cooperation (OIC) member countries to boost economic growth and deal with current and future challenges.

The Arab world’s second-largest economy “is keen to support the efforts of the Organisation of Islamic Co-operation and its initiatives aimed at promoting concerted action amongst Islamic countries, encouraging the expansion of our economies and developing effective plans to deal with present and upcoming challenges", said Abdulla bin Touq, UAE Minister of Economy.

Mr bin Touq made the remarks at the 38th Ministerial Session of the Standing Committee for Economic and Commercial Co-operation of the Organisation of the Islamic Co-operation (Comcec) meetings held in Istanbul this week, state news agency Wam reported on Wednesday.

The UAE is also “interested in maximising mutual benefit with the rest of the Islamic world, particularly given that trade movement between the Emirates and the Comcec states is experiencing continuous growth”, he said.

The UAE continues to boost economic and trade ties with various countries as the Emirates looks to double the size of its national economy and push gross domestic product beyond Dh3 trillion ($816.7 billion) by 2030.

The country signed Comprehensive Economic Partnership Agreements (Cepa) with India, Indonesia and Israel, and is currently in negotiations with Turkey, Georgia, Colombia and Cambodia.

UAE trade with OIC member countries jumped 26 per cent year-on-year to Dh650 billion ($177 billion) in 2021, the Ministry of Economy said.

OIC countries are well-equipped to help ensure the continuity of global supply chains, despite the current challenges the world is facing, because of their advantageous location, which establishes them as a vital and sustainable link in the movement of worldwide trade, Mr bin Touq said.

About $4 trillion of trade was conducted between Comcec nations and the rest of the globe last year, making up 10 per cent of all global merchandise trade volume, he said.

Updated: November 30, 2022, 12:40 PM