2013" said the UAE had risen three places in the Global Competitiveness Index (GCI) to take 24th position. The improvement reflects a better institutional framework as well as greater macroeconomic stability. Higher oil prices buoyed the budget surplus and allowed the country to reduce public debt and raise the savings rate. Moreover, according to the World Trade Organization, the UAE was the world's 20th largest exporter and 25th largest importer in 2011, with exports worth more than $ 285 billion in 2011, out of total world trade of $ 18.2 trillion. The International Monetary Fund (IMF) said in August that the UAE economy had fully recovered from the impact of the global economic crisis and the overall gross domestic product growth is projected to be 2.5 per cent in 2013. The UAE has signed and adopted nearly 100 agreements on avoidance of double taxation and protection and encouragement of investment. These agreements included the most important trading partners of the UAE like the US, UK, China, India and the EU. --MORE
