UAE-France Trade Surges: $7.6bn in 2023, Growth Trend Continues

28 Feb, 2024

UAE-France Trade Surges: $7.6bn in 2023, Growth Trend Continues

Trade between the UAE and France soared to €7 billion ($7.6 billion) last year, with expectations of further growth fueled by deepening investment and trade ties. Franck Riester, France’s Minister of Foreign Trade and Economic Attractiveness, emphasized this trend during an interview with The National at the World Trade Organisation’s 13th ministerial conference in Abu Dhabi.

Riester highlighted the robust relationship between the two countries, resulting in significant trade volumes and numerous investments. With 600 French company subsidiaries in the UAE, both nations are keen to explore future opportunities, particularly in sectors like renewable energy, mobility, health, technology, and artificial intelligence.

Recent high-level business council meetings in Paris underscored the commitment to strengthening trade and investment ties. Initiatives such as the UAE-France Bilateral Climate Investment Platform aim to foster collaboration in clean energy projects, driving decarbonization efforts.

The focus extends beyond bilateral relations, with plans for cross-border transit corridors connecting the Arabian Gulf to Europe, reducing shipping costs and supporting trade. France is actively involved in safeguarding maritime routes, crucial for regional and global trade, amidst security challenges.

At the Abu Dhabi ministerial conference, discussions centered on WTO reforms, including dispute settlement and e-commerce, reflecting a commitment to address key issues vital for future trade policies and industrial growth.