Trade flows between GCC countries and the United States, which have dropped by half in the past 20 years because of increased competition from Asia, are set to be rekindled in the next three years amid a flurry of treaties between the partners, a Barclays banker said.
The agreements to facilitate trade come at a time when Arabian Gulf countries are spending billions of dollars on infrastructure projects. They will need to import machinery, equipment and expertise from all parts of the world, including the US, the world’s biggest economy, said Baihas Baghdadi, the head of trade and working capital Europe, Americas, Middle East and North Africa at Barclays.
“I definitely believe that the trade flows between the GCC and the US will be the most important area of growth,” said Mr Baghdadi, who is based in Madrid. “Absolutely everything is being upgraded in the region. We are talking about logistics, infrastructure, water treatment, oil and gas. The companies in the US that will benefit will be from those sectors and the US companies are top in class in those fields.” Mr Baghdadi said that the change in the trade flows in the past 20 years have helped the UAE to become the third largest trade hub in the world after Hong Kong and Singapore. Two decades ago China accounted for 2 per cent of the GCC’s trade, but it is now about six times as much, he added.
Trade between the GCC and the US stood at US$130 billion in 2012 while trade between the GCC and China in the same year was $155bn, according to official figures. Trade between China and the rest of the world has proved particularly robust, growing to $3.87 trillion last year. Particularly impressive has been the performance of renminbi trade settlement, which has grown since its launch three years ago to 5.53tn yuan (Dh3.32tn) last year.
“There is a clear change in the trade corridors world wide. If you look at historical trade corridors, they have been north-south while today the trade corridors are going south-south,” said Mr Baghdadi. “Two decades ago, the flows between the US and the GCC countries were accounting for 15 per cent of the entire GCC trade. Today the US is less than half of that while China, Japan, Korea, India today are accounting the same as the US.”
Standard Chartered forecasts emerging market trade to account for more than 30 per cent of global trade volumes by 2030. Emerging market trade corridors are expected to account for 40 per cent of global trade by 2030, up from 18 per cent last year.
Recent GDP growth in emerging and developing markets has far exceeded that of G7 countries, leading to a growing middle class with disposable incomes and an increased appetite for foreign goods.
Trade flows have grown rapidly as GDP in emerging and developing markets expanded by 31.4 per cent between 2008 and 2011, compared with just 5.3 per cent for G7 countries during the same period.
mkassem@thenational.ae
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The bio:
Favourite holiday destination: I really enjoyed Sri Lanka and Vietnam but my dream destination is the Maldives.
Favourite food: My mum’s Chinese cooking.
Favourite film: Robocop, followed by The Terminator.
Hobbies: Off-roading, scuba diving, playing squash and going to the gym.
The specs
The specs: 2019 Audi Q8
Price, base: Dh315,000
Engine: 3.0-litre turbocharged V6
Gearbox: Eight-speed automatic
Power: 340hp @ 3,500rpm
Torque: 500Nm @ 2,250rpm
Fuel economy, combined: 6.7L / 100km
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Leaderboard
63 - Mike Lorenzo-Vera (FRA)
64 - Rory McIlroy (NIR)
66 - Jon Rahm (ESP)
67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
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UAE currency: the story behind the money in your pockets
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Killing of Qassem Suleimani
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Landfill in numbers
• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away
• 50 per cent of Abu Dhabi’s waste is from construction and demolition
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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