Ministerial Conference reflects UAE’s growing influence on global trade

Gulf Today, Staff Reporter

The United Arab Emirates was announced as the host of the 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO). The foremost deliberation body of the WTO, which meets once every two years, will be coming to Abu Dhabi in Q1 2024, placing the UAE at the heart of the conversations that will shape the immediate future of global trade.

MC13 is already being regarded as one of the most pivotal in the WTO’s recent history. After the successes of the MC12, which reached landmark multinational agreements on issues such as pandemic preparedness, intellectual property rights, the removal of food export prohibitions and fisheries subsidies, in what has become known as “The Geneva Package”, MC13 is now the opportunity to finally introduce impactful reform to the WTO itself – and usher in a new wave of measures that will safeguard the future of the body as a credible custodian of the multilateral trading system.

Abdulla Bin Touq, Minister of Economy, said: “The 13th Ministerial Conference of the World Trade Organization reflects the UAE’s status as a key facilitator of trade and investment between all four corners of the world. It is also the culmination of the qualitative leaps that the UAE has achieved in terms of economic growth and diversification over recent decades, which has been central to our bold vision to unleash a new era of sustainable economic development.

“The leadership of the UAE has placed trade front and center of our new economic vision, recognizing its role as a catalyst to growth, inward investment, talent attraction and social, cultural and industrial development. Our Comprehensive Economic Partnership Agreements with India, Israel and Indonesia, and those that will be concluded with other dynamic economies around the world in the coming months, reflect our belief in multilateralism and our commitment to creating new opportunities for our exporters, industrialists, manufacturers and investors. An international event as significant as MC13 will further position the UAE as an essential contributor to rejuvenating international trade, which is critical to unlocking long-term, sustainable growth around the world.”

Sultan Al Jaber, Minister of Industry and Advanced Technology, added: “Hosting the World Trade Organization’s 13th Ministerial Conference in the UAE reflects the country’s growing influence on global trade, as well as our ongoing commitment to galvanizing international efforts to overcome economic challenges. Under the directives of our leadership, we are strengthening relations with the international community to accelerate trade growth, investment flows, and sustainable development around the world.

“The UAE is transforming its economy, accelerating its industrial output, integrating advanced technology to foster the industries of the future, and developing new capabilities in sectors such as renewable energy, and space exploration. We need an efficient, regulated and digitally enabled global trading system to fully capitalize on these opportunities, and we are eager to take a lead on the discussions that will shape the future of trade. MC13 provides an ideal platform for the UAE to engage the international trading community to help build more resilient, effective supply chains.”

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade urged the global trading community at the WTO’s General Council meeting in October to strengthen the body’s role as a forum for trade negotiation and rule-making, reinvigorate its dispute resolution and arbitration functions, embrace digitalization and strategic digital trade policies.

Al Zeyoudi said: “Trade has shaped the history of the UAE and now we have the chance to shape the future of trade. MC13 has the potential to deliver meaningful reform for the WTO and help it reclaim its role as the sole, authoritative custodian of global trade. We look forward to welcoming the leadership of the WTO’s 164 member states and taking a prominent role in re-energizing the global trading system, future-proofing it for the 21st century and ensuring it remains an engine of inclusive, sustainable economic development.”

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, added:

“Hosting the WTO’s 13th Ministerial Conference underlines the UAE’s position as a global business center, a vital gateway to trade and investment, and a major contributor to the future of the multilateral trading system. The UAE’s new foreign trade agenda is ensuring the country is taking an active international role not only in the free flow of goods and services but in the creation of new opportunities and frameworks for investment, all of which will have an important stimulative effect on the global macroeconomic landscape.

As supply chains recover from the impact of the pandemic, enhancing the efficiency of global trade is of critical importance.”   

 Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, added: “Having been chosen to host the 13th Ministerial Conference of the World Trade Organization is testament to the United Arab Emirates’ and Abu Dhabi’s reputation as credible, neutral and successful global facilitator of trade and commerce. We pledge to continue to uphold the WTO’s ethos, to ensure a world where trade flows freely and to fight for a fair, equitable and more open rule-based system for all. We shall push for progressive liberalisation of trade in services, reject of all forms of protectionism and discrimination, and boost transparency.