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UAE’s 2012 trade to rise 10-15%

29 Nov 2012

(MENAFN) UAE’s Foreign Trade Minister, Sheikha Lubna Al Qasimi, stated that in the current year, the country’s foreign trade would grow by between 10-15 percent, reported Emirates News Agency (WAM).

Al Qasemi said that the figure is compared with a growth of 23 percent last year, and 14 percent in 2010.

She added that the UAE plans to diversify its trade relations and to focus on the non-oil sector, in addition to expanding the number of countries it has trade ties with.

The minister noted that amongst the UAE’s major trade partners in 2011 was India, with trade between the two countries hitting USD53 billion, followed by China with USD14 billion, whereas trade with Russia stood at USD2 billion.

It is worth noting that gold accounted for 50 percent of the UAE’s exports in 2011.

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