The UAE will provide a $10 million grant to support a number of key initiatives of the World Trade Organization (WTO), Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, said.
The UAE is hosting and chairing the WTO’s 13th Ministerial Conference in Abu Dhabi from 26 to 29 February.
Aid for WTO initiatives
- The Fisheries Funding Mechanism became operational in November 2022. It aims to provide technical assistance and capacity building to implement the rules set out in the agreement on fisheries subsidies.
- The Enhanced Integrated Framework (EIF) is dedicated to helping least developed countries by utilizing trade as an engine for growth, sustainable development, and poverty reduction.
- The $50 million Women Exporters in the Digital Economy (WEIDE) Fund is joint initiative that will be launched by the WTO and the International Trade Center (ITC) during MC13. It aims to leverage digitalisation to boost the competitiveness of and unlock new export markets for women-led businesses and female entrepreneurs. It empowers them to access global value chains and engage in the global trading system.
The minister expressed his pride that the UAE is hosting the WTO’s MC13, the organisation’s highest decision-making body. He welcomed all leaders, ministers and representatives of the 166 member states for crucial negotiations on key trade issues and discussions. He hoped the conference will help find solutions on how to enhance and modernize the rules of the global trading system.
Expanding trade ties
He also congratulated the Republic of the Comoros and the Republic of Timor-Leste on their accession to the WTO. He hoped more countries will be able to join the organization and benefit from the multilateral trading system.
Read: UAE, Kenya conclude CEPA terms
Sheikh Abdullah went on to speak about the Comprehensive Economic Partnership Agreements (CEPA) programme. With the trade alliances, the UAE is now at the heart of international trade.
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