Wed 30-11-2022 01:27 AM
ISTANBUL, 29th November, 2022 (WAM) – Abdullah bin Touq Al Marri, Minister of Economy, led the UAE delegation to the meetings of the 38th Ministerial Session of the Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation (COMCEC), held in Istanbul on 26-29 November at the level of ministers and high-ranking officials.
“The UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, is keen to support the efforts of the Organisation of Islamic Cooperation and its initiatives aimed at promoting concerted action amongst Islamic countries, encouraging the expansion of our economies, and developing effective plans to deal with present and upcoming challenges,” the minister said during his remarks at the meetings.
“The UAE is keenly interested in maximising mutual benefit with the rest of the Islamic world, particularly given that trade movement between the Emirates and the COMCEC states is experiencing continuous growth” he said, explaining that the UAE’s trade with these countries hit about AED650 billion in 2021, representing a growth of 26% over the previous year.
Because of their advantageous location, which establishes them as a vital and sustainable link in the movement of global trade, the Islamic countries are well-equipped to help ensure the continuity of global supply chains despite the current challenges the world is facing, Bin Touq added.
About $4 trillion worth of trade was conducted between COMCEC nations and the rest of the globe in 2021, making up 10% of all global merchandise trade volume, 9.5 percent of exports, and 10.5 percent of imports, the minister noted.