In an era of increasing globalisation, it is worth considering that as far back as 1860 some countries were already experimenting with free-trade agreements to increase prosperity. In January that year, the Cobden–Chevalier Treaty between France and the UK axed tariffs on a range of goods; the idea was so popular that it ushered in what American academic and diplomat Stephen Krasner called a "golden age of free trade" in Europe.
Fast forward to the present day, and news that the UAE's non-oil foreign trade hit a record Dh1.4 trillion ($381.5 billion) in the first six months of 2024 shows how a series of free-trade deals the Emirates struck with international partners in recent years is bearing fruit. According to Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the figures reveal that exports in six months have equalled what the UAE used to export in an entire year before the Covid-19 pandemic.
In the past couple of years, the UAE has signed a series of comprehensive economic partnership agreements, or Cepas, with fast-growing economies in Asia, the Middle East and Africa; these have helped to boost volumes of non-oil foreign trade. In fact, the Emirates' Cepa programme is expected to grow the country's exports by 33 per cent and contribute more than Dh153 billion to gross domestic product by 2031. However, this was not an overnight success – considerable planning and negotiating has gone into striking these deals. They are also a result of a wider strategy to strengthen ties.
Although the UAE signed its first Cepa relatively recently – with India in February 2022 – the country’s Cepa approach has long been embedded in strategic frameworks such as Projects of the 50, its programme for sustainable development. Nor are these agreements the country’s first foray into free-trade initiatives; in 2007, the UAE became a signatory to the World Trade Organisation’s Information Technology Agreement, a treaty signed by 78 states that seeks to eliminate tariffs on IT products.
As the UAE continues to complete deals to remove or reduce tariffs and customs duties, improve market access and set up dispute resolution mechanisms, a number of economies are moving in a worrying direction. Under presidents Donald Trump and Joe Biden, the US has taken strong action against what it perceives as trade threats to its economy, such as May’s introduction of tariffs on more than a dozen Chinese imports, including 100 per cent duties on electric vehicles from China.
There are reasons why some countries are currently wary of trade liberalisation or integrating their economy with foreign partners. The financial crisis of 2008 and the Covid pandemic both fuelled suspicion of globalisation and the perceived weaknesses of integrated supply chains. Acute shocks, such as the Houthi attacks on international shipping in the Red Sea, can also make countries more insular in their trade politics. However, this comes at a cost. In April, the International Monetary Fund warned policymakers that they should avoid protectionist measures “as these are likely to trigger retaliation from trading partners and can generate welfare losses”.
In fact, it is trade liberalisation – such as that seen with Cepa deals – that offers the most rewards. In 2017, the World Bank suggested that the rapid globalisation seen since the 1990s grew average incomes by 24 per cent globally, leading the global poverty headcount ratio to fall from 35 per cent to 10.7 per cent. In April, the WTO said increased international trade between 1995 and 2022 “has coincided with a sharp reduction in global poverty”.
As the UAE signs deals to remove or reduce tariffs, other major economies are moving in a worrying direction
The benefits that come with responsible free trade are clear, and so more Cepas are in the works. These will drive growth, further diversify the economy and boost the UAE’s domestic sector. Local manufacturing is a good example of this; earlier it was announced that the UAE’s industrial sector would receive an additional $6.3 billion in funding, backed by major companies. For these companies to export profitably, unfettered access to foreign markets will be vital.
Of course, free trade requires much planning and balancing of relations. But if managed correctly, the kind of economic and political ties forged by such Cepa deals can generate more prosperity for all.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Company%C2%A0profile
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Honeymoonish
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
'Ashkal'
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One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
Step by step
2070km to run
38 days
273,600 calories consumed
28kg of fruit
40kg of vegetables
45 pairs of running shoes
1 yoga matt
1 oxygen chamber
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
The%20Specs
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The years Ramadan fell in May
Spec%20sheet
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The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
Company%20Profile
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Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Most%20polluted%20cities%20in%20the%20Middle%20East
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Company%C2%A0profile
%3Cp%3ECompany%3A%20Zywa%3Cbr%3EStarted%3A%202021%3Cbr%3EFounders%3A%20Nuha%20Hashem%20and%20Alok%20Kumar%3Cbr%3EBased%3A%20UAE%3Cbr%3EIndustry%3A%20FinTech%3Cbr%3EFunding%20size%3A%20%243m%3Cbr%3ECompany%20valuation%3A%20%2430m%3C%2Fp%3E%0A
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
RESULTS
5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel
57%20Seconds
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Wonka
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The%C2%A0specs%20
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WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
