Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

UAE Calls for Open Global Trade System

Sat 26 Aug 2023 | 08:43 PM
Israa Farhan

The United Arab Emirates has called for the adoption of an open and comprehensive global trade system to ensure the seamless flow of goods, services, and commodities worldwide without hindrances.

The UAE emphasized the importance of international collaboration in creating a trade framework that embraces diversity and modern technology.

Thani Al Zeyoudi, the UAE's Foreign Minister, delivered this message during his participation in the ministerial meeting on trade and investment for the Group of Twenty (G20) in Jaipur, India.

The meeting was attended by counterparts responsible for foreign trade and investment, aiming to present a list of proposals aimed at enhancing global trade and ensuring sustainable economic growth and development for all nations in the long run.

Al Zeyoudi underscored the UAE's commitment to ensuring fair and comprehensive access to the global trade system for southern countries.

He affirmed the role of trade as a catalyst for industrial productivity, job creation, and knowledge exchange. Additionally, he urged attendees to adopt technology and the opportunities it presents to establish intelligent, efficient, integrated, and sustainable supply chains.

Furthermore, the UAE's minister highlighted his country's determination to advance the agenda of reforming the World Trade Organization (WTO), considering it a key priority.

The UAE is preparing to host the thirteenth ministerial conference of the organization in Abu Dhabi in February 2024.

The meeting, which was the final gathering of trade and investment ministers within the G20 framework before the upcoming leaders' summit hosted by New Delhi in September, adopted crucial decisions developed by trade and investment working groups for this year.

These decisions revolved around five priorities: Trade for growth and prosperity, trade and flexible global value chains, integrating small and medium-sized enterprises into global trade, logistic services for trade, and reforming the World Trade Organization.

The outcomes of the meeting will be presented at the leaders' summit on September 9th and 10th. The UAE participated in this global forum as an invited guest of India, which currently presides over the G20 session.