Dubai-France half-yearly trade amounts Dhs7.47bn in 2008

The figures released by the Statistics Department of Dubai World showed that trade between the two countries amounted Dhs7.47bn (about $2bn) during the first six months of this year, while it was Dhs5.9bn during the same period last year - an increase by Dhs1.57bn.

The increase in trade reflects the strong relations between Dubai and France in several areas, including economic, academic, industrial and financial sectors.

It is expected that the First Gulf-France Economic Forum being held in Paris on Tuesday and Wednesday (October 28-29) will further strengthen the economic co-operation between France and the Gulf Co-operation Council (GCC) states, particularly Dubai, the region's leading trade hub.

A large contingent of officials and business leaders from the GCC countries and France are taking part in the Forum, which is being held under the theme "Towards Sustainable Strategic Partnership." Organised by the GCC, the conference is part of the efforts exerted by the Gulf countries to promote economic development, openness, diversification of income sources and to attract direct investments.

The forum is held at a time when negotiations are gaining momentum over establishing Free Trade Agreement between the GCC countries and the European Union. Discussions have been going on for over two decades to reach a final understanding on the issue. France can play a major role in facilitating an agreement.

Dubai's imports from France formed the lion's share of the total half-yearly trade, amounting about Dhs7bn compared with Dhs5.5bn in the same period of 2007. Perfumes and toilet water such as after-shave lotions and eau de toilette etc topped the import list amounting Dhs734m (10.4%), followed by jewelry and precious metals, which amounted Dhs490m (7%). Import of aircraft parts amounting approximately Dhs371m (5.3%), amounting to about Dhs1.6bn (22.6%). Import of other miscellaneous commodities and products was valued at Dhs5.4bn.

During the first six months of 2008 Dubai's exports to France amounted approximately Dhs238m, compared with about Dhs224m in the first half of 2007. Jewelry and precious metals topped the list amounting Dhs114m (48%), followed by ceramics, glass, wall & hearth tiles and paint derivatives (about Dhs14m - 5.8%), and photogrammetrical, photo hydrological and geophysical instruments (Dhs11m - 4.6%).

Dubai's re-exports to France amounted about Dhs190m in the first half of 2008, compared with Dhs86m in the first half of 2007. Aircraft parts topped the list amounting Dhs66m (34%), followed by Jewelry and precious metals at Dhs53m, and winches, bulldozers and escalators at Dhs6.5m.