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

ABU DHABI, 16th September, 2018 (WAM) — 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.

Avatar

WAM

About Author

In November 1976, the United Arab Emirates agreed to set up the Emirates News Agency, WAM, to communicate news and information about the nascent state. On 18th June, 1977, WAM began to fullfil its professional mandate by transmitting UAE news to the rest of the world, covering all aspects of its political, economic and social development. The data on this website is federated through WAM.AE RSS Feeds. This website is not affiliated with WAM and you are requested to always view the latest articles and updates directly from the source website.

You may also like

ADFF Introduces New Award for Environmental Films

  • Sep 09, 2011
WAM Abu Dhabi, Sept. 6th, 2011 (WAM) -- The Abu Dhabi Film Festival (ADFF), organized by Abu Dhabi Authority for

DCL analyzes thousands of food and environmental samples

  • Sep 09, 2011
Tue 06-09-2011 22:08 PM WAM Dubai, Sept. 6th, 2011 (WAM) -- Food and Environment Laboratory Section of Dubai Central Laboratory