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, reports Asian Lite Newsdesk
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.
Abdullah bin Touq Al Marri, Minister of Economy, said, “The 13th Ministerial Conference of the World Trade Organisation 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 centre of our new economic vision, recognising 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 Organisation’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 capitalise 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, and address market-distorting subsidies while protecting the interests of emerging nations.
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.”
The UAE’s drive to host the next edition of the MC stems from its belief in a world where trade flows freely. The country and its historical land and sea routes, have been used by ancient global traders linking the Arabian Penninsula to the Sub-Continent, the rest of Asia and beyond.
The UAE already champions numerous trade-facilitating agreements and knowledge exchange programs with many countries, such as its Comprehensive Economic Partnership Agreements, Virtual Trade Corridors and Abu Dhabi’s Advanced Trade and Logistics Platform facilitating commerce and trade, all of which promote a more open and equitable multilateral trading system.
The 13th Ministerial Conference of the WTO will follow the 28th session of the Conference of the Parties (COP 28), enabling the UAE to play an instrumental role in driving dialogue and action across the world’s most pressing global issues.
