Emirates expects $16 billion from deals with India, Israel and Indonesia

The United Arab Emirates will receive more than 16 billion dollars as a result of agreements reached with India, Israel and Indonesia. This was announced by Emirati Economy Minister Abdulla bin Touq Al Marri. "In light of the opportunities offered by these three pacts, they are expected to add $16 billion to the country's GDP over the next ten years," Al Marri was quoted as saying by the national news agency WAM.

Similarly, as the minister explained, Emirati exports to the Indian, Israeli and Indonesian markets will account for more than $10 billion over the next decade. Moreover, these agreements promise to generate "around 190,000 job opportunities, including highly qualified, talented and skilled people," Al Marri added. Since February this year, the UAE has signed free trade agreements with India, followed by Israel and finally Indonesia.

Apart from trade and economics, Abu Dhabi also cooperates with these countries in many other sectors. With Israel, for example, it has a partnership in technology, security and healthcare, while with India it has just committed to investing a total of $2 billion to develop "food parks" across the country. With the aim of providing solutions to food insecurity in South Asia, the complexes will be equipped with "state-of-the-art climate-smart technologies".

Cooperation with Indonesia, on the other hand, has been more commercially focused. In early July, Abu Dhabi and Jakarta signed a free trade agreement, strengthening economic ties between the two countries. Indonesia is not the only country with which the UAE has established economic partnership agreements. "The UAE is open to signing agreements with countries around the world, and priority will be given to those who are willing to go ahead with the process of signing agreements," Thani bin Ahmed Al Zeyoudi, minister of Foreign Trade, told WAM. 

The UAE will soon sign its fourth economic partnership agreement with Colombia, while it is in negotiations with Turkey, Al Zeyoudi announced. "We have started the process of negotiating the signing of CEPAs (comprehensive economic partnership agreements) with a number of African and East Asian countries and Georgia. Emirates is also coordinating with Chile in this regard," he added.

In 2021, Emirati foreign trade experienced growth of up to 27 per cent over the previous year and around 11 per cent over pre-coronavirus pandemic rates, according to data reported by the Emirati news agency.