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Galadari Alerts: The UAE plans to double its re-exports

<span “color: #221551; font-family: helvetica, arial, sans-serif; font-size: 12pt;”>The UAE Cabinet has approved the national agenda for re-export development 2030, comprising of 24 initiatives and programs aimed at doubling re-exporting from the UAE over the next seven years.

<span “color: #221551; font-family: helvetica, arial, sans-serif; font-size: 12pt;”>The primary objective of this initiative is to significantly increase the industry’s contribution to the country’s gross domestic product. It will also enhance the national logistics infrastructure, create new jobs, and strengthen global supply chains.

<span “color: #221551; font-family: helvetica, arial, sans-serif; font-size: 12pt;”>In 2022, re-exports accounted for 27.5 percent of total non-oil trade, with smartphones, diamonds, automotive parts and jewelry and gemstones being the top commodities. The UAE’s share of the world’s goods exports was 2.4 per cent, according to the World Trade Organisation’s Global Trade Outlook and Statistics report.

<span “color: #221551; font-family: helvetica, arial, sans-serif; font-size: 12pt;”>The UAE has already signed the Comprehensive Economic Partnership Agreement (CEPA) with India, Indonesia, Turkey, and other countries. Additionally, the country plans to sign 26 agreements this year, which will offer enhanced market access, reduced or eliminate tariff rules, simplified customs procedures, and clear and transparent rules.

<span “font-size: 12pt;”><span “color: #d99b4b; font-family: helvetica, arial, sans-serif;”>For more information on our International Trade Practice, please contact Abdelhak Attallah. Abdelhak is a Maritime and International Trade Partner at Galadari. He holds a postgraduate diploma in Maritime Law from London Metropolitan University and an LLM in International Trade Law from the University of Northumbria. If you have any queries regarding the above, or international trade and maritime laws more broadly, Abdelhak is on hand to assist.

Abdelhak Attalah
Partner
abdelhak@galadarilaw.com