Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 8 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
UAE, Russia non-oil trade at $1.6 billion
March 10, 2017
 Print    Send to Friend

ABU DHABI: The volume of non-oil trade between the UAE and Russia touched about $1.6 billion during the first 9 months of 2016, compared to about $2.5 billion during the whole of 2015, according to a report released by the UAE Ministry of Economy (MoE), on reviewing the trade policies with Russia.

The report also shed light on the main developments in Russia’s economic sectors during the past years.

It presented Russia’s achievements in main economic growth indicators and the developmental steps that it took to enhance its investment environment and develop trade ties with other countries, as well as the trade relations between the UAE and Russia.

Hind Al Youha, Head of Foreign Trade Policies at the Ministry of Economy, said that the ministry is improving its knowledge of public and private sectors, and economic and trade policies, in many countries around the world.

It also briefs interested authorities in the UAE about the economic developments in partner countries, through periodic reports about the trade policies of different countries, she added.

The report also highlighted the efforts of the UAE and Russia to develop their economic ties, and stressed that the UAE’s main exports to Russia include optical guidance ships, fire-fighting ships, sweeping ships, ornaments, precious metals and tea, while its imports from Russia includes diamonds, raw gold and wheat.

It added that the growth of real GDP in Russia slowed since 2014, while the reduction rate reached -3.7 per cent in 2015, due to the plunge in the oil prices and the western economic sanctions that led to a fall in capital, which decreased the value of the Russian currency and increased the inflation.

The report said that Russia is moving towards achieving stability, with an expected growth in GDP of 1.8 per cent in 2016 and 0.8 per cent in 2017, according to the IMF.

The Russian government is currently implementing economic reform programmes to promote competitiveness in the goods and service markets, as well as in customs development, intellectual property, transportation and communication and technologies, to increase investment attractiveness and overcome growth obstacles due to slow structural economic reforms.WAM

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
UAE non-oil foreign trade hits Dhs401b
ABU DHABI: The UAE total non-oil foreign trade volume of Q1 2017 reached approximately Dhs401 billion against Dhs388 billion during the same period last year, a growth of..
UAE participates in China-Arab States Expo
NINGXIA: The UAE is participating with a high-level delegation in the China-Arab States Expo to be held in Yinchuan, capital of northwest China’s Ningxia Hui Autonomous R..
Abu Dhabi top destination
ABU DHABI: Abu Dhabi has maintained its position as the number one destination in the UAE for guest satisfaction in a report by travel and hotel data specialist organisat..
Gulf hospitality projects top Dhs544b
DUBAI: The total value of 1,153 hospitality projects exceeded Dhs544 billion ($148.4 billion) in the first quarter of 2017, according to BNC Network, – the largest and mo..
UAE-Saudi trade reaches Dhs84b
RIYADH: Trade between the UAE and Saudi Arabia currently accounts for Dhs84 billion, while the total value of Emirati projects in Saudi Arabia is estimated at Dhs15 billi..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright