Trade, the online marketplace focused on business-to-business (B2B) transactions in the Middle East and North Africa (MENA) region has signed a Memorandum of Understanding with the Department of International Trade (DIT) to enable more cross-border trade between the United Arab Emirates and the United Kingdom. The collaboration will create increased visibility of the digital platform among a greater number of business enterprises in the UK and UAE, strong networking opportunities and a global sourcing of products and services that will bring more dynamism to the regional B2B digital ecosystem.
According to a report, as of December 1, 2021, total trade in goods and services (exports and imports) between the UK and the UAE was valued at £ 12.0 billion at the end of the second quarter of 2021, of which UK exports to the UAE were worth £ 8.2 billion of pounds sterling. The United Arab Emirates was the UK’s 23rd largest trading partner, accounting for 1.0% of the UK’s total trade.
Tradeling will promote business links between UK sellers and MENA-based buyers to help DIT members engage effectively to reach a wider base of buyers in the region. The B2B platform is focused on opening up new opportunities for businesses in the region to expand their geographic reach and explore potential partnerships with UK-based companies.
UK Minister for Exports, Mike freer MP, said: ‘This deal means UK businesses can access markets more effectively, increase trade and build strong business relationships in key areas, all facilitated by the support my department provides, both to the UK. – UK and abroad. The Gulf region is a priority market for us, having launched preparations for the FTA with the Gulf Cooperation Council with a business consultation period in October. A trade deal with the bloc is a huge opportunity to liberalize trade with a growing market for UK businesses and deepen ties with a region vital to our strategic interests.
Tradeling guarantees a reliable and smooth business process in addition to providing logistics and financing solutions. Connecting global suppliers to MENA-based demand, the platform harnesses cutting-edge technology to optimize the supply chain and create economic value in addition to mitigating risk. Today, Tradeling has over 100,000 registered buyers and sellers in over 55 countries.