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

In the latest episode of Business Extra, recorded during the World Economic Forum's Annual Meeting of Global Future Leaders in Dubai, The National's Rory Reynolds interviewed Fahad Al Gergawi, Undersecretary at the UAE Ministry of Foreign Trade. Al Gergawi discussed the UAE's strategies to maintain trade flow amidst geopolitical tensions and supply chain disruptions, such as the Iran war.

The UAE is actively pursuing new avenues to strengthen its position as an international trading hub. Al Gergawi highlighted plans to expand alternative trade corridors and reduce reliance on the Strait of Hormuz, a critical route for global trade. These initiatives aim to mitigate the impact of disruptions and ensure a steady flow of goods.

Furthermore, the UAE has been actively negotiating Comprehensive Economic Partnership Agreements (CEPAs) to expand its network of trade agreements. These deals are crucial for businesses seeking access to new markets, investment opportunities, and enhanced economic resilience. Al Gergawi emphasized the importance of these partnerships in navigating the increasingly fragmented global trading landscape.

The UAE is also engaged in ongoing negotiations with the European Union and actively seeking new international partnerships to further bolster its trade position. Al Gergawi shared his optimistic outlook for the UAE's economic recovery, emphasizing the significance of long-term planning and adaptability in the country's trade strategy.