UAE-Japan non-oil trade hits US$14.6 billion in 2016

UAE's total foreign non-oil trade with Japan amounted to US$14.6 billion in 2016, according to a Ministry of Economy report.

The report conducts an in-depth review of Japan's foreign trade policy in light of the latest economic developments and steps taken by the Japanese government to incentivise foreign investors and boost competitiveness.

The report underscored the constant efforts made by the governments of the two countries to lift bilateral relations to the highest possible level despite the fact that the Japanese economy was going through a relative state of deceleration during the monitoring period, the primary symptoms of which were the increasing proportion of elderly people and population decline.

Competent authorities, however, have adopted all necessary measures to strengthen investor confidence, consolidate general budget and revitalise the economy by providing a package of stimuli, including financial incentives and restructuring reforms in areas of agriculture, energy and healthcare.

The bilateral trade relations between the two countries could further improve over the coming period in light of potential opportunities to build more partnerships in vital sectors of mutual interest, added the report.