Emirates: For the first time, the UAE's foreign trade hit Dh3 trillion by the end of 2024, the country's Vice-President announced on Wednesday.

In a post on X, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, called this economic achievement a "historic milestone".

"While global trade grew by just 2 per cent in 2024, the UAE’s foreign trade expanded at seven times that rate, achieving an impressive 14.6-per-cent growth," he wrote.

Sheikh Mohammed attributed much of this success to the efforts of President Sheikh Mohamed over the years, particularly the impact of Comprehensive Economic Partnership Agreements (Cepa).

"[These agreements] led by Sheikh Mohamed bin Zayed, added Dh135 billion to our non-oil trade with partner nations — an exceptional 42-per-cent increase compared to the previous year," the UAE Vice-President said.

Hitting the Dh3-trillion mark is a big leap for the UAE, putting it on track to achieving its Dh4-trillion annual target by 2031.

"By the end of 2024, we have already achieved 75 per cent of that target. At this pace, we will reach it years ahead of schedule," Sheikh Mohammed said.

The UAE economy has been expanding by leaps and bounds, growing 24-fold in 53 years. The country’s GDP, FDI and non-oil foreign trade has been defying global trends, even amid uncertain economic landscape, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said in a previous report.

The country is also "moving steadily to raise its gross domestic product to Dh3 trillion by 2031", Abdulla bin Touq Al Marri, Minister of Economy, pointed out in a separate interview.

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