UAE eyes new trade deals with Israel, Indonesia after signing India agreements

Source: Arabian Business
Date: 21st February 2022

UAE announced last year plans to lure $150bn in foreign investment from global partners.

The UAE is working to close more trade deals as it seeks to deepen its ties with fast-growing economies and draw billions of dollars in foreign investment.

“We are about to finish with both Indonesia and Israel and we hope that we are going to conclude with Colombia by the end of next month as well,” Minister of State for foreign trade told Bloomberg TV on Monday.

The UAE announced last year plans to lure $150 billion in foreign investment from global partners to reposition itself as a global hub for business and finance.

The Gulf nation, which has been facing growing regional competition from neighbour Saudi Arabia, said it would work on economic agreements with countries showing high growth potential.

On Friday, it signed a deal with India to cut duties on almost 90 percent of goods traded between the two countries, a step expected to enhance trade relationships and double non-oil trade to at least $100 billion over five years.

Earlier this month, it said it plans to invest up to $14 billion in Britain.

The deal with India is “going to take the relationship to a different level when it comes to the economy and investments,” he said.

“The winning aspect from our side is going to have huge market access to a huge volume of our national commodities. We’re talking about petrochemicals, steel, aluminum, and even for the SME exporters to get access to the Indian market.”

The trade pacts are expected to have a “huge impact” on the volume of foreign direct investment and bring in business from “all over the world,” he said.

NEOLink cooperated with our order processing system. He did not replace it or force solutions. Logfret did it better than other companies on the market – it adapted its system to ours. Logfret didn’t come to us saying, “We have this solution, and you either use it or we won’t cooperate.

Procurement Director

Pumps Manufacturer

We made a huge improvement in global visibility with a global platform—anyone can log into NEOLink and look at a shipment anytime, anywhere in the world. We wanted a freight forwarder with a good technology platform, which could handle the complexities of our business and we found NEOLink!

A global leader in performance materials and specialty chemicals

My suppliers have less or zero experience with international logistics. Thus, not able to create proper documentation which leads to tremendous delay. Thanks to Logfret who provide training to all suppliers and work with us to build up a consolidation hub to reduce transportation costs significantly.

One of the world’s leading designers, manufacturers and distributors of ride control products