The total value of non-oil trade between the UAE and the Republic of Armenia reached AED920 million during 2017, compared to AED375 million in 2015, the Ministry of Economy has said.
In a report on the trade policy review between the two countries, the ministry said that doubling of trade between the two countries over the past three years emphasises the possibility of benefitting from the opportunities and the supportive environment for increasing growth rate of trade exchange in the coming period.
Ministry statistics showed that re-exports from the UAE to Armenia accounted for the largest share of total trade between the two countries, amounting to AED561 million in 2017.
The report comes in the light of the UAE’s distinguished position on the global trade map, supported by the State’s vision of promoting openness and cohesion with the global economy, developing its capabilities and building bridges with all countries to enhance trade exchange.
Based on these visions and objectives, the ministry wants to raise awareness of all public and private institutions on the development of investment and trade links with the UAE’s strategic partners through monitoring, analysis and reports issued by the World Trade Organisation, WTO, and other international organisations.
According to the WTO, the Armenian economy has grown by more than seven per cent in 2017, supported by its adoption of sound economic policy and reforms in a number of export sectors, mainly targeting the European Union and the Russian Federation.
Armenian remittances abroad contribute significantly to the national economy, which accounts for 13 per cent of the GDP.
Since the recent review of Armenia’s trade policies in 2010 and until the end of 2017, the current account deficit has fallen in line with export growth faster than imports, and foreign inflows have been steady compared with the growth of foreign direct investment inflows, indicating that Armenia is an attractive destination for investment.