Free market principles focused on by UAE

Sheikha-Lubna-Al-QasimiA lecture was recently delivered to a group of business administration students in Brussels by Sheikha Lubna Al Qasimi, Minister of Foreign Trade, in which the underscored that the UAE is known for one of the advanced open economy states which assume free market and fair competition principles.

She added that this was achieved despite the global economic slowdown. "The UAE's economy is the second largest in the Arab world. It registered positive growth during 2009, reaching 3.1 per cent."

Sheikha Lubna expressed that in the year 2009 the percentage of foreign trade to GDP arrived at 173%. She explained that in 2009, the UAE's non-oil foreign trade totaled to $181 billion, conducted with 202 countries from seven regions, Asia leading with 47%, Europe with 23 %, America with 8.6%, the GCC states with 8.3% and other Arab countries with 7%. She added that during the period between 2004 and 2008, the UAE's foreign trade average growth rate reached approximately 31%.

She shared that a positive outlook for business, is carried by the year 2010 especially after the UAE's economy pulled through the effects of the global economic crisis.

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