UAE builds ‘corridor of opportunity’ with ASEAN trade deals as it tries to lure China investments
The UAE’s trade minister has said the country is ‘building a corridor of opportunity’ between the Gulf states and Southeast Asia
It wants to leverage its comprehensive economic deals with Asean members so it can eventually cooperate or even co-invest with China, an analyst said
The United Arab Emirates is fast-tracking negotiations on comprehensive economic partnership agreements (CEPA) with many Southeast Asian states to maintain its status as their leading trading partner in the Middle East.
By building on its “first-mover advantage” over regional competitors such as Saudi Arabia in growth markets like the Association of Southeast Asian States, the UAE is seeking to increase its leverage in negotiations with China and major powers in the West, analysts said.
“The motivations behind the UAE’s reach into Asean should be viewed much more broadly as its strategic aims in attaining, as an Arab country, both regional and global leadership,” said Clemens Chay, a research fellow at the National University of Singapore’s Middle East Institute.
Cambodia on Thursday became the latest Asian country to sign a CEPA with the UAE, following India in May last year and Indonesia in July.
The UAE is fast-tracking trade deals with many Asean member states because it wants to maintain its status as their leading business partner in the Middle East. By building on its “first-mover advantage” over regional competitors such as Saudi Arabia in growth markets like the Association of Southeast Asian States, the UAE is seeking to increase its leverage in negotiations with China and major powers in the West, analysts said.
“The motivations behind the UAE’s reach into Asean should be viewed much more broadly as its strategic aims in attaining, as an Arab country, both regional and global leadership,” said Clemens Chay, a research fellow at the National University of Singapore’s Middle East Institute.
Cambodia on Thursday became the latest Asian country to sign a CEPA with the UAE, following India in May last year and Indonesia in July. Malaysia, Thailand and Vietnam all agreed to start CEPA talks in May during a tour of the region by Thani bin Ahmed al-Zeyoudi, the UAE’s trade minister, who returned to Phnom Penh last week to sign a deal with Cambodia.
