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UAE-Norway Trade Up to US$339 Million in 2009 |
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Trade exchange between the UAE and Norway reached US$ 339 million in 2009, up from a mere US$ 87 million in 2005, according to a recent study by the UAE Ministry of Foreign Trade, or MoFT. The 334% growth of trade between the two countries is consistent with the missions and visions of MoFT which are based on the government’s strategy in terms of openness to the world through concluding economic and trade agreements, searching for new export markets, increasing the competitiveness of UAE’s exports and providing the adequate environment to encourage the private sector to export, said the study. According to the study, Norway ranks 54th in terms of total UAE’s trade with countries in the world with a total value of 338 million U.S. dollars in 2009 forming 0.19% of the total UAE trade with the world with a decrease of 5.6% from the year 2008. It ranked 114th in terms of UAE’s non-oil exports to the world with a total value of approximately 2 million U.S. dollars and a decrease of 37.6% from the previous year. Norway also ranked 47th among the countries exporting to the UAE so that it declines by 5 positions from the previous year (42th rank) with nearly 328 million U.S. dollars with a 5.3% decrease from the previous year. It ranked 107 to progress thus by 4 positions from the year 2008 of UAE’s re-export to the country with a total value of 8.5 million U.S. dollars and a decrease of 5.2% from 2008. On the other hand, the UAE is considered the twenty-eighth partner in terms of Norwegian non-oil exports to the world with a percentage of 0.3%, and ranked 74th in terms of Norwegian imports from the world. The economic relations between the United Arab Emirates and Norway witnessed a steady development over the last past five years what was reflected on the volume of trade and investment between the two countries with a rise in the volume of trade from 77.9 million U.S. dollars in 2005 to 338.5 million U.S. dollars in 2009 with a growth rate of 334%. The UAE government’s adoption of clear plans and visions to promote the various economic and investment sectors at the regional and global levels contributed to attracting many companies from various countries, especially Norway to invest in various leading sectors in the UAE. Norwegian companies operate in various sectors, such as oil, gas and marine services, Information and Communication Technology, food and fish products, along with a number of small companies operating in the fields of furniture and interior design. The oil and gas sector is an important pillar in the Norwegian economy and there are considerable activities in this field attracting many international companies for exploration and production of oil. Gold, diamond, pearls, precious and semi-precious stones, metals etc accounted for around two thirds of UAE exports to Norway. The study underlined the benifits of the Free Trade Agreement between the Gulf Cooperation Council, or GCC, of which the UAE is a member, and European Free Trade Association, or EFTA, which comprises Norway, Switzerland, Iceland, and Liechtenstein. Among the advantages of this agreement, said the study, is the approval of some European economies such as Switzerland and Norway to accept the applicable economic and trade laws of the council states. Moreover, the agreement constitutes a tangible evidence on the ability of GCC countries to access to the European continent. It is worth mentioning that EFTA countries do not enclose major European economies, they include important states for the global economy where the Swiss economy plays a major and vital role in the global economy, especially in the field of financial services under a system of bank secrecy, in addition to Norway occupying the third highest in terms of per capita income based on the concept of purchasing power on the global level. Norway occupied the 54th position compared with the UAE in terms of total foreign trade with the world during 2009, with a total value of 338 million U.S. dollars and a decline rate of 5.6% in comparison with 2008 contributing by 0.19% of the total UAE foreign trade with the world progressing by 4 positions from 2008 where is was ranked 58 among countries. UAE’s non-oil exports constituted 0.58% with a total value of approximately 2 million U.S. dollars, UAE’s imports 96.9% with a total value of 328 million U.S. dollars, while re-exports formed 2.5% with a total of 8.5 million U.S. dollars. |
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