The UAE joins the "Local Regulation of Trade in Services" initiative, and its entry into force at the end of 2022

The United Arab Emirates announced its accession to the "Local Regulation of Trade in Services" initiative, which will enter into force at the end of 2022.

This came during a press conference at the headquarters of the World Trade Organization in Geneva, on the sidelines of the twelfth ministerial meeting of the organization extending from 12 to 15 June current.

Juma Muhammad Al Kait, Assistant Undersecretary for Foreign Trade Affairs at the Ministry of Economy, gave the state’s speech during the conference on behalf of Abdullah bin Touq Al Marri, Minister of Economy, during which he stressed that joining this initiative supports the long-term commercial policies pursued by the UAE, which places the development of the environment as a top priority. Supporting the growth of trade and investment, enhancing the country's competitive capabilities in foreign markets, and developing its network of international trade relations.

Al Kait added that the UAE - the second largest economy in the Arab world - has a diversified economy that is open to the world and is constantly working to enhance economic diversification efforts and consolidate the country's position as a regional center for trade and investment. What serves its efforts in regulating business and promoting a balanced, transparent and growth-capable business environment, which are the considerations on the basis of which negotiations to join this joint initiative were conducted.

During the press conference, Al-Kate handed over the schedule of controls for the local organization of services within the UAE to the organization to share it with member states in preparation for the initiative to enter into force at the end of 2022.

It is worth noting that the WTO had established a working group of WTO members in December 2017, to negotiate with member states on a joint initiative for local regulation of trade in services, with the aim of developing controls for facilitating trade in services and enhancing the level of transparency of licensing requirements and procedures and technical standards. On December 2, 2021, negotiations with 67 members of the organization succeeded.

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