The UAE supports multilateral trade to contribute to reviving the global economy
Abdullah bin Touq: “Working with member states to build a stronger, more sustainable and inclusive global economy that all people can benefit from.”
The UAE delegation concluded its participation in the Twelfth Ministerial Conference of the World Trade Organization in Geneva, which lasted for four days, in the presence of trade and economic ministers from all over the world, and is the first in attendance at the conference since the outbreak of the global pandemic more than two years ago.
The UAE delegation, headed by the Minister of Economy, Abdullah bin Touq Al Marri, participated in discussions and meetings on the complex challenges facing the global trade system.
Bin Touq added during his speech at the WTO Ministerial Conference: “The UAE has always been a strong supporter of the multilateral trading system, based on laws, with the World Trade Organization as its main pillar, and we all have a common responsibility to protect the multilateral trading system, by spreading stability and building flexibility. We fully support the organization and want to work with member states to build a stronger, more sustainable and inclusive global economy that all people can benefit from.”
He affirmed the UAE's firm belief in the multilateral trading system, an engine for growth, development and job creation, and stressed that the UAE is ready to cooperate fully with the international community, to help the organization achieve positive and meaningful change.
He pointed out the need for the organization to focus on developing and adopting rules for digital trade, improving the organization's dispute settlement system, enhancing the participation of micro, small and medium companies in global trade, maintaining special treatment for developing countries, and ensuring that sustainability is at the forefront and heart of the decision-making process.
He called for the importance of reaching, by consensus, effective solutions on decisions related to agricultural trade, because of their impact on global supply chains, and their high contribution to global food security and curbing inflation.
The UAE joined the joint initiative on local regulation of services, an initiative of the World Trade Organization, led by Costa Rica, and based on the current regulations contained in the General Agreement on Trade in Services (GATS), and looks forward to building on those rules to increase the transparency of services regulations, in addition to Clarify and increase consistency in licensing and other procedures, which would lead to harmonizing the legal and regulatory framework of the World Trade Organization in line with best regulatory practices.
Abdullah bin Touq also headed the country's delegation to the Arab ministerial meeting, which was held on the sidelines of the Twelfth Ministerial Conference of the World Trade Organization.
Bin Touq expressed the UAE's desire to host the thirteenth ministerial conference in Abu Dhabi, in order to support the multilateral trade agenda, and to highlight the UAE's approach that focuses on solutions to existing supply chain issues, ensuring the adoption of advanced technology and digital trade.
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