GCC, Japan advance free trade talks
Negotiations over a free trade agreement between the Gulf Cooperation Council and Japan advanced further this week as officials from both sides convened in Tokyo to review progress and explore ways to accelerate discussions.
The meeting, held between GCC Secretary-General Jasem Al-Budaiwi and Japan’s Vice Minister of Economy, Trade and Industry Kato Akiyoshi, focused on the strategic potential of the proposed accord and recent developments in the negotiation process, the Saudi Press Agency reported.
The second round of negotiations for the agreement had concluded in Tokyo in early June, covering a wide range of issues including goods, technical barriers, terms of services, financial and telecommunications services, and intellectual property.
Qatar’s economy grows 3.7pc
Qatar’s real gross domestic product (GDP) grew by 3.7 percent in Q1 2025 compared to the same period a year earlier, with strong gains in the non-hydrocarbon sector, the Qatar News Agency (QNA) reported, citing data from the National Planning Council (NPC).
GDP at constant prices reached QAR181.5bn in Q1 2025, up from QAR175bn in Q1 2024, according to the National Statistics Centre.
The non-hydrocarbon sector accounted for 63.6 percent of real GDP, or approximately QAR115bn, an increase from 62.6 percent in the same quarter last year.
Growth in the sector reached 5.3 percent , supported by robust performances in manufacturing (up 5.6 percent ), construction (up 4.4 percent ), real estate (up 7 percent), and wholesale and retail trade (up 14.6 percent ).
Hydrocarbon activities, despite global economic headwinds and oil price volatility, grew by 1 percent year-on-year, contributing 36.4 percent to real GDP, or about QAR66bn.
UAE becomes one of top 10 global trade partners for Eurasian Economic Union
The United Arab Emirates is now among the top ten global trading partners of the Eurasian Economic Union (EAEU), according to Andrey Slepnev, Minister in Charge of Trade at the Eurasian Economic Commission.
Speaking to the Emirates News Agency (WAM), a partner of TV BRICS, Slepnev said the recently signed Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the EAEU is a “strategic milestone” that will deepen economic cooperation, diversify trade, and strengthen investment flows between the two sides.
“The UAE is one of the most prominent trading partners for EAEU countries, with its share in the Union’s total foreign trade rising to two percent,” he stated.
Trade between the EAEU and the UAE has surged, with Union exports to the Emirates quadrupling in the past two years, while Emirati exports to EAEU markets have increased by over 50 percent. Slepnev highlighted this as clear evidence of “the strength of economic ties between the two sides.”
The CEPA aims to build on this momentum by eliminating customs barriers and broadening the range of traded goods. Under the agreement, customs duties will be reduced on over 85 percent of goods. Slepnev confirmed that this will lower tariffs on Union products in the UAE from 5 percent to 0.6 percent, and on Emirati goods in EAEU markets from 5.9 percent to 1.5 percent.
President- UAE, Dubai Ruler gather for main discussions
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan welcomed His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, at Qasr Al Bahr in Abu Dhabi.
Also present were His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, along with H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence.
During the meeting, Their Highnesses engaged in cordial discussions and addressed several national matters of mutual interest, particularly those related to citizens’ welfare and the ongoing efforts to advance the country’s ambitious development journey.
As economy crashes, South Sudan seeks UAE bailout
South Sudan’s President has had two official trips to the United Arab Emirates this year, forced by domestic economic and political problems he wants help to tackle.
And Abu Dhabi’s rising influence in the Horn of Africa means South Sudan could have found support to soften the blow of woes it has faced in Juba.
Salvar Kiir left Juba on June 22 and only returned this week on Tuesday, a lengthy trip he said had involved seeking partners to invest in the country’s economy.
On both occasions, Juba said the visits were to strengthen “bilateral relations and promoting investment opportunities in South Sudan.”Earlier in February, a dispatch from Juba said President Kiir had travelled to “discuss co-operation in economic, agricultural, energy and infrastructure sectors.”A presidential spokesperson, David Amuor Majur, told the media ahead of the recent trip that Kiir would meet with a number of investment groups, where he would present “a compelling case for investment” in South Sudan’s key growth sectors.
UAE economy to grow 5.1pc
Economic growth in the UAE is set to remain buoyant, expanding by 5.1 percent in 2025, up from 3.8 percent last year.
This is according to the latest Q2 economic update from the Institute of Chartered Accountants in England and Wales (ICAEW).
The forecast, produced in partnership with Oxford Economics, highlights a strong rebound in oil production alongside robust non-oil sector momentum, supported by international trade, tourism and advanced technology.
The institute expects UAE oil production to average 3.8 million barrels per day (bpd) by 2027, in line with efforts to raise capacity to 5mn bpd.
“A significant increase in supply is likely through 2027–2028 to capitalise on enhanced production capacity and maximise returns before a significant global transition away from fossil fuels,” said ICAEW in its latest report.