The UAE has joined a group of 14 countries in an international initiative aimed at promoting “open and free” trade.
The move comes amid growing risks of a trade war due to US tariffs, economic fragmentation and heightened barriers to the global flow of goods.
The Future of Investment and Trade partnership is aimed at supporting inclusive growth, addressing existing and emerging trade issues, and enhancing foreign direct investment flows, the Ministry of Foreign Trade said on Wednesday.
It will focus on the future, address challenges and opportunities, and promote public-private dialogue, the ministry said.
US President Donald Trump’s tariff hikes on key trading partners have roiled markets, increased economic uncertainty and hampered companies’ ability to plan ahead.
The global trade of goods is projected to grow 0.9 per cent in 2025, up from the 0.2 per cent contraction forecasted in April but down from the 2.7 per cent estimate before the US tariffs, the World Trade Organisation said in an August report.
A surge of imports in the US in the first quarter before anticipated tariff hikes contributed to the upwards revision to the forecast for 2025, the WTO said.
The FIT partnership’s founding members are the UAE, Brunei, Chile, Costa Rica, Iceland, Liechtenstein, Morocco, New Zealand, Norway, Panama, Rwanda, Singapore, Switzerland and Uruguay.
The 14 countries see the principles of free trade as “vital to our stability and prosperity”, the ministry said.
“Globally, measures that restrict trade risk fragmenting the global economy, dampening global economic growth, and heightening inflationary and unemployment pressures,” it added.
The members will collaborate on a range of trade topics, including the strengthening of supply chains, the removal of non-tariff trade barriers, helping investment and the adoption and integration of emerging technologies.
More countries will be invited to join the initiative.
The UAE continues to focus on growing its trade as part of its economic diversification strategy.
The country’s non-oil foreign trade rose by nearly a quarter on an annual basis in the first six months of 2025. The value of non-oil foreign trade jumped to more than Dh1.73 trillion ($470 billion), double the level of five years ago.
In comparison, the average growth of global trade during the first half of this year was about 1.75 per cent.
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