Trade Exchange Between UAE, Norway Reaches AED2.3 Billion In 2017

Trade exchange between UAE, Norway reaches AED2.3 billion in 2017

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 16th Sep, 2018) Relations between the UAE and Norway have witnessed significant growth over the past decades, and the value of trade between the two countries reached some AED2.3 billion (US$640 million) in 2017, compared to AED1.2 billion in 2016.

The Trade Policy Revision with Norway Report, issued by the Ministry of Economy, indicated that imports from Norway amounted to AED1.96 billion by the end of 2017, while Emirati exports reached some AED295 million, and the value of re-exports reached AED95.6 million.

The report was issued as part of the efforts of the Ministry of Economy to improve the capacities of the country’s public and private sector institutions, with regards to their commercial and investment cooperation with the UAE’s partner countries, through monitoring and analysing indicators highlighted in the reports of the World Trade Organisation ,WTO, and other international organisations.

According to a report from the WTO General Secretariat, Norway has an advanced economy, with its gross domestic product, GDP, per capita, being one of the highest in the world at $75,000 in 2017.

The report also highlighted the strategic importance of the trade sector in supporting Norway’s economy, as the import and export of goods and services accounted for some 63 percent of its GDP in 2017, despite a decrease in its exports, from $161 billion in 2012 to $102 billion in 2017, which was caused by the drop in international oil prices.

The report stated that the Norwegian economy has acquired cumulative oil proceeds over previous decades that it contributed to the "Global Government Pension Fund," which is one of the largest sovereign growth funds in the world, and whose assets in many countries were valued at over $1 trillion at the end of 2017.

The Commercial Policies and International Organisations Administration of the Ministry of Economy issues drafts and summaries on a regular basis about reports on trade policy revisions of the UAE’s partner countries, which are issued by the WTO General Secretariat and include in-depth analysis on foreign trade policies of these countries, as well as their economic infrastructure and applied trade policies and systems.

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