(MENAFN- Khaleej Times)
The US is an open Economy and President Donald trump wants 'fair trade' and not 'free trade', said Sultan Ahmed bin Sulayem, group chairman and CEO of DP World.
“People talk about him (Trump) trying to tax and raise duties. What Trump wants is fair trade. He doesn't want free trade. From Trump's point, the American market is open. You want to work with the US and open your market. We don't want to name which countries, but many countries are like that. He's very happy with India, and how the progress is made in India,” bin Sulayem said during a panel discussion at the World Economic Forum 2025 in Davos, Switzerland on Thursday.
As reported by Khaleej Times on Wednesday, officials from the UAE – which is also an open economy – see trade and space ties growing with the United States under the Trump administration.
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The US president has threatened to impose tariffs on imports from Canada, Mexico, China and other trading partners to address trade imbalance and boost domestic manufacturing.
In an interview with Bloomberg, Thani Al Zeyoudi, the UAE's Minister of State for Foreign Trade, on Thursday said the momentum in foreign trade and global trade is growing and he is very optimistic that will continue in 2025.
“At the end of the day, Trump is a businessman and he wants to ensure that deals are going to be done throughout the year,” Al Zeyoudi said at the World Economic Forum in Davos, Switzerland.
DP World is one of the world's largest port operators, employing more than 103,000 people from over 150 nationalities across 75 countries.
Indian firms not interested in exports
DP World chairman praised India's growth story and its policies. However, he noted that Indian companies are not interested in exports due to strong local consumption.
“There's no other place better than India. I only have one issue with Indian manufacturers and traders. A lot of them are so busy enjoying a big (local) market. So not many people are interested in export. They do an amazing job, but they have a big market locally,” he said during the panel discussion on the topic of 'India's Economic Blueprint'.
However, he said things are changing and some Indian firms are using DP World's services and facilities to grow their businesses in India.
“For me today, one of the most important markets is India. When you look at China and India, they have the same population. China trades 100 million containers. India's trade may be 15 million. So the chance for growth is bigger for India,” he said, adding that his firm is looking at how to connect India to India to make sure the manufacturers are able to sell their products and take it on time.
“Our aim is how to connect India to Africa. How to Connect India to Europe. The Cepa (Comprehensive Economic Partnership Agreement) that we had with India was one of the fastest agreements we did which tripled the trade between India and UAE,” he said.
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