Economic diplomacy and its role in fostering prosperity discussed

Staff Reporter, Gulf Today

The Anwar Gargash Diplomatic Academy (AGDA), the region’s leading centre of excellence for the development and training of future diplomats and leaders, hosted Abdulla bin Touq Al Marri, UAE Minister of Economy, in an insightful session today to share his perspective on the topic of economic diplomacy and its rising role in fostering regional prosperity.

During the conversation, Abdulla bin Touq Al Marri said: “Global geo-economic fragmentation has been on the rise for some time and as a result, there are now greater barriers to trade, stagnation in the delivery of global public goods, disruption in the International Monetary System and inequitable adverse effects on a diversity of economies. In order to de-fragmentise the economy, the UAE has increased investments into new and traditional sectors, attracted more human capital and highly skilled labour, improved supply chains and access to new markets, and is currently supporting a re-introduction of multilateralism into the diplomacy and foreign affairs space.”

He continued stating: “Following the directives of our wise leadership, economic diplomacy has remained a key focus for the UAE. We have a remarkable track record in recent years of having forged Comprehensive Economic Partnership Agreements (CEPAs) with India, Israel, Indonesia, and Turkey, with a few more on the way. This highlights without a doubt that economic diplomacy has played a pivotal role in strengthening our international ties and supporting our growing reputation as a global trade and logistics hub.”

Nickolay Mladenov, Director General of AGDA moderated the discussion with HE Al Marri, discussing ways to enhance multilateral dialogues around economics and trade at the regional and international levels.

Commenting on this event, Mladenov said: “I wanted to thank  Abdulla bin Touq Al Marri for taking the time to come to AGDA, a place where we encourage the next generation of diplomats to think creatively, while problem-solving and actively participating in open and insightful dialogues around some of the most pressing issues in our world today.”

“The current, volatile landscape in international relations demands economic diplomacy play a major role in building multilateral relations and fostering the economic agreements between countries. Through effective economic diplomacy, countries can create a more stable, prosperous and connected world that benefits all. As the UAE takes serious steps towards implementing the ‘We the UAE 2031’ national vision, a road map for the future, AGDA will provide the UAE with well-rounded diplomats focused on achieving the country’s national objectives,” he added.

In response, Al Marri said, “We encourage our future diplomats and leaders at the Anwar Gargash Diplomatic Academy to learn from the diplomatic corps’ work as they continue to set example after example of diplomacy in action.”

This informative session offered ambassadors, diplomacy community members and AGDA faculty and students an opportunity to interact and engage in conversation with Al Marri.

One of the students shared said: “Having His Excellency here with us today and hearing first-hand from one of the individuals who is helping shape our economic and finance policies in the UAE was a surreal experience. I have learned a lot about economic diplomacy through our studies here at AGDA, but it was an amazing experience to listen to first-hand accounts of these negotiations. It stressed the importance of multilateral dialogues in establishing a strong economic base for our country. In addition, listening to His Excellency’s remarks about the steps we are taking to build the ‘We the UAE 2031,’ makes me even more excited to step into the world of diplomacy and foreign affairs.”

Meanwhile, the Ministry of Finance (MoF) launched the Leaders Edge Programme, which aims to prepare a group of young national leaders qualified to lead the future of the government financial work, create a ground-breaking platform for distinguished capabilities in leadership, behavioral and professional skills at the ministry, as well as support the career path of employees.

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, stressed on the importance of the programme in building and preparing national leaders capable of leading the future in the financial field, those who can contribute to achieving the goals of the UAE Centennial 2071. His Excellency said: “The programme comes as part of the ministry’s strategy to create an environment that empowers the best talents and distinguished leaders. This is accomplished by upgrading mechanisms for improving their competencies and building a qualified generation of future leaders who can meet the aspirations of our wise leadership and the directions of the UAE Government.”

He added: “Building a team of smart and insightful leaders will allow the Ministry of Finance to become one of the most innovative government entities. In line with the leadership’s directives, plans and initiatives were put in place to focus on investing in national human resources and create a ground-breaking platform where everyone can come together to learn and exchange ideas.”