‘Let’s show that the WTO is alive’: UAE Foreign Trade Minister says conference can be ‘launch pad’ for global trade – News

During the World Trade Organization (WTO) Ministerial Conference in Abu Dhabi, decision-makers were urged to improve and modernize the rules of the global trading system to make it inclusive and equitable.

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Chairman of the 13th WTO Ministerial Conference 2024, noted that the event can be the “launching pad” for the future of global trade and reform and address challenges.

“We can and we must achieve this,” said Dr Al Zeyoudi as he made an impassioned appeal during the opening speech of the four-day event that brought together ministers and senior officials to discuss international trade rules and regulations.

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“I ask you all to show the world that the WTO is alive and well, and is fully capable of producing results that matter to people around the world. We must also demonstrate through the outcomes of this conference that trade and the multilateral system can and will contribute to development. We have the unique opportunity to collectively shape the future of commerce. It is in each of our hands. Let us seize this moment to ensure a prosperous future for all countries.”

Dr Al Zeyoudi noted that the WTO has been a “global safety net” that provides stability, transparency and predictability to international trade.

“The WTO has contributed to raising living standards, improving employment opportunities and enabling the expansion of trade and goods and services.”

Dr Al Zeyoudi said that through international trade, the UAE has rapidly transformed into a global and regional trade hub.

“Our economic transformations over the last 50 years are evidence of the opportunities that come with international trade and its great potential to improve people’s lives.”

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended the opening ceremony. On Saturday, the United Arab Emirates announced a $10 million grant to support several key WTO initiatives. It will be allocated to the Fisheries Financing Mechanism, the Enhanced Integrated Framework (EIM) and the Women Exporters in the Digital Economy Fund (WEIDE).

Global trade is at a “critical juncture”

Dr Al Zeyoudi stressed that the WTO remains a “powerful force” to counter current unilateral protectionism and discrimination.

“It is an important part of a global effort to achieve the UN Sustainable Development Goals and ensure an inclusive, equitable and multilateral rules-based trading system.”

Dr Al Zeyoudi stressed that the multilateral trading system is at a “critical juncture”.

“He faces many challenges. We have witnessed a shift in priorities and addressing issues of climate change and sustainability. “Many countries are experiencing debt and pressures on the cost of living, food security and a slow recovery from the Covid-19 pandemic.”

The minister pointed out that the world economy and the international panorama have evolved significantly in the face of technological advances.

“The services sector remains a key driver of global trade, but traditional sectors such as agriculture remain fundamental for all countries, small, medium and large. However, the traditional sectors and traditional assumptions on which the WTO has been based can no longer stand on their own.”

On the opening day, two least developed countries, Comoros and Timor-Leste, became members of the WTO, bringing the total number to 166.

Dr Al Zeyoudi called for “new ideas” amid a rapidly changing business environment seen globally.

“The growth in WTO membership and its diverse priorities require a proactive approach by the WTO, which respects the rules that bind us all as WTO members, but also allows the WTO to move forward and look forward.” the future to achieve our collective goals. “

He stated that the UAE is determined to make the Ministerial a success.

“As president, I am fully committed to creating an atmosphere of comfort for all delegates to conduct negotiations freely, frankly and constructively in the coming days.”

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