How the UAE kept trade flowing and struck new deals during the Iran conflict

In a recent interview during the World Economic Forum’s Annual Meeting of Global Future Leaders in Dubai, Fahad Al Gergawi, Undersecretary at the UAE Ministry of Foreign Trade, shared insights on how the UAE managed to maintain trade flow and secure new deals amidst the turmoil caused by the Iran conflict.

Al Gergawi highlighted the country's proactive approach to navigating through global trade uncertainty, which has been exacerbated by geopolitical tensions and supply chain disruptions. The UAE's strategy has been to broaden its horizons as an international trading hub by developing alternative trade corridors and decreasing its dependence on the Strait of Hormuz.

Furthermore, the UAE has been expanding its network of Comprehensive Economic Partnership Agreements. These agreements are playing a crucial role in enabling businesses to tap into new markets, attract investments, and bolster economic resilience. The Undersecretary elaborated on the UAE's ongoing negotiations with the European Union and its efforts to forge new international partnerships, illustrating the country's commitment to navigating the increasingly fragmented global trading environment.

A key aspect of the UAE's trade strategy is its focus on long-term planning and adaptability. Al Gergawi emphasized that these principles are fundamental to the country's approach to economic recovery. As global trade continues to face challenges, the UAE remains steadfast in its pursuit of robust and diversified trade relationships to ensure sustained growth and resilience.