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Thursday, April 25, 2024

Trade between UAE, Norway reaches US$640 million in 2017

(Abu Dhabi) – The relations between the UAE and Norway have witnessed increasing development, in line with their strong bilateral ties over the past decades with the value of their trade exchange reaching around US$639.9 million in 2017, compared to $326.7 million in 2016, according to Ministry of Economy’s Trade Policy Review Report.

The value of imports from Norway reached around $533.2 million in 2017 while the value of the UAE’s non-oil exports to Norway reached around $80.5 million during the same period, and its re-exports were valued at $26.2 million.

The Ministry of Economy highlighted several statistics from Norway’s “Trade Policy Review Report,” which was issued by the World Trade Organisation, WTO, Secretariat, as part of its periodic review of the trade policies of its member countries.

The statistics, which were drafted by the Trade Policies and International Organisations Administration of the Ministry of Economy, highlighted the growing trade links between the UAE and Norway, as well as the solid foundations that helped to reinforce the Norwegian economy, despite the recent fluctuations in oil prices.

Aisha Al Kubaisi, Director of the Administration, said that releasing the statistics is part of the ministry’s efforts to introduce stakeholders from the UAE’s public and private sectors to the key economic and trade policies of its partner countries, which will promote cooperation and encourage investment and trade.

Al Kubaissy added that the statistics include key economic indexes and provide an accurate analysis of the foreign trade policies adopted by Norway to support its economic growth. They also address several issues, most notably exports, imports, production, investment environment, privatisation programmes, customs and market openness, as well as key developments to Norway’s various economic sectors.

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