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Economy, Foreign Trade

OAPEC, Organization of Arab Petroleum Exporting Countries, chief sources, Organization of Petroleum Exporting Countries, Gulf Cooperation Council

In 2000 the UAE earned $53.5 billion from exports, while imports cost $35.6 billion. Oil and gas exports amount to only about half of the country’s export earnings, indicating the country’s success in diversifying its economy. In addition to oil, gas, and petrochemical products, exports include aluminum, paint, and various fruits and vegetables. Principal purchasers of exports are Japan, South Korea, Singapore, India, Oman, and Iran; chief sources for imports are the United States, Japan, the United Kingdom, Italy, South Korea, and India. Through its membership in the Organization of Petroleum Exporting Countries (OPEC) the UAE has supported a moderate oil-pricing policy calculated to maximize its long-term benefit. The UAE also belongs to the Organization of Arab Petroleum Exporting Countries (OAPEC) that seeks to coordinate Arab oil policy. The UAE is a founding member of the Gulf Cooperation Council (GCC), committing the UAE, Saudi Arabia, Kuwait, Bahrain, Qatar, and Oman to increased economic cooperation.



Article key phrases:

OAPEC, Organization of Arab Petroleum Exporting Countries, chief sources, Organization of Petroleum Exporting Countries, Gulf Cooperation Council, petrochemical products, gas exports, OPEC, GCC, economic cooperation, Iran, Qatar, South Korea, Saudi Arabia, vegetables, Kuwait, paint, Oman, Bahrain, founding member, UAE, half, Japan, Italy, aluminum, economy, India, Singapore, United States, United Kingdom, membership

 
 

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