UK and UAE work towards increased bilateral trade
The UAE and the UK are looking to expand bilateral trade, as the latest financial figures cite that UAE exports to the UK rose by 18 percent this year. The UAE is the UK's biggest market in the Middle East, surpassing Saudi Arabia last year. It is also currently the 13th largest market in the world.
Gordon Brown, head of the UK Government's Head of Trade & Investment in the UAE, stated recently that "Trade between the UAE and the UK has never been healthier. Statistics show an astonishing level of growth over the past 12 months," reported the Khaleej Times.
According to the British Embassy's Commercial Section for the first eight months of this year, exports rose to Dh5.7 billion (£902.4 million) from the corresponding period of last year when exports stood at Dh4.8 billion (£767.5 million).
Imports from the UK, however, continue to outstrip exports, and have more than doubled by the end of the summer, soaring by 104 percent to Dh19.5 billion (£3.1 billion). Trade to Dubai alone jumped by an impressive 143 percent.
Until August alone, in fact imports increased by some 15 percent compared to last year's overall total.
The trade deficit between the UK and the UAE up until that point therefore, grew by around Dh14.5 billion (£2.3 billion), with UK exports to the UAE amounting to Dh17 billion (£2.7 billion) last year.