‘Trading system that benefits all’: UAE announces $10 million grant to support key WTO initiatives

The 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) has kicked off in the UAE, convening leaders, ministers and representatives of the 166 Member States for crucial negotiations on trade issues and discussions on the global trading system.

MC13 is set to run from February 26 to 29 in the capital Abu Dhabi. UAE’s Minister of Foreign Affairs, Sheikh Abdullah bin Zayed Al Nahyan, had earlier announced the Emirates’ decision to provide $10 million grant to support a number of key WTO initiatives.

The grant is expected to be allocated to the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF) and the Women Exporters in the Digital Economy (WEIDE) Fund – to be launched during the event – as per the Emirates News Agency.

UAE at the heart of international trade through Cepa

Sheikh Abdullah expressed his pride in the UAE hosting WTO’s MC13, the organisation’s highest decision-making body. The WTO initiatives likely to benefit from the grant are focused on the objectives of making global trade more sustainable and inclusive.

His Highness also highlighted that through its Comprehensive Economic Partnership Agreements (Cepa) programme, the Gulf state is currently at the heart of international trade and is set to continue to expand its economic cooperation with the global community.

He encouraged representatives of all Member States to display a spirit of collaboration and engage in constructive negotiations to modernise the trading system and help contribute to creating sustainable and inclusive economic growth to raise the standard of living for all.

On Monday, WTO Director-General Ngozi Okonjo-Iweala raised concerns over conflicts, uncertainty and instability weighing down the global economy and urged the bloc to embrace reform as key upcoming elections could bring fresh challenges.

WTO MC13 looks for “a trading system that benefits all”

The UAE Minister of State for Foreign Trade, HE Dr Thani bin Ahmed Al Zeyoudi, took to X on Sunday to note in relation to MC13: “Talking to representatives from North and South, East and West today, there is a shared vision of a trading system that benefits all.”

President HH Sheikh Mohamed also said: “Trade is a key driver of prosperity and helps to promote peace and understanding between nations. We look forward to working with our international partners in supporting a global trading system that brings benefits to all.”

2023 marked a record year for the UAE economy as the GCC nation’s non-oil foreign trade hit a staggering Dh 3.5 trillion ($953 billion), enhanced by its economic diversification plans despite a drop in international movement of goods and services.

The tourism sector helped increase trade in services, besides other major sectors such as ICT, professional and financial services, medical tourism, education, Islamic financial services, logistics and creatives. It appears the diversification plans are moving in the right direction.