Trade corridors in Asia, Africa & Middle East to outpace global trade growth: Report
New Delhi, June 3 (KNN) According to a new report by Standard Chartered, the trade corridors anchored in Asia, Africa, and the Middle East are expected to outpace the global trade growth rate by almost four percentage points.
Propelling the combined trade volume in these regions to an astounding USD 14.4 trillion, accounting for 44 percent of global trade by 2030.
The report also said that India is set to remain the United Arab Emirates' (UAE) largest export destination by 2030.
The report, titled "Future of Trade: New opportunities in high-growth corridors", forecasts that the UAE's exports will reach around USD 543 billion by 2030, showcasing a robust annual growth rate of 5.5 percent.
"India is set to remain the UAE's largest export destination by 2030, while exports to Turkiye, Vietnam and Singapore are among the fastest growing," the report said.
"The UAE is a major trade hub in the region and has a strong track record of attracting foreign investment," the report said.
The report also highlights the importance of trade between India and the UAE, and the potential for both countries to benefit from closer economic ties. (KNN Bureau)