June 14, 2022
2 mins read

UAE joins WTO’s joint initiative on services domestic regulation

The United Arab Emirates on Monday announced joining the Joint Initiative on Services Domestic Regulation, which successfully concluded negotiations in December 2021…reports Asian Lite News

This came at a press conference held on 13th June at the 12th World Trade Organisation’s Ministerial Conference, during which the UAE, Georgia, and Timor-Leste came aboard the initiative.

“As the second-largest economy of the Arab world, we are confident that being part of this outcome will support the United Arab Emirate’s long-term trade policy strategy”, said the Assistant Under-Secretary at the UAE Ministry of Economy for Foreign Trade Affairs, Juma Mohammed Al Kait. Among his country’s priorities, he cited “the creation of an environment conducive to trade and investment, the strengthening of the UAE’s competitiveness in external markets and the development of international trade relations.”

“The implementation of the disciplines that this group of WTO members have agreed last year will help us to further align our framework of laws and regulations towards best regulatory practice,” he added.

A total of 70 governments, accounting for over 92.5 percent of world services trade, are now part of the deal on services domestic regulation. Announced in December 2021, the successful conclusion of negotiations is about improving the transparency, predictability and efficiency of licensing and authorisation procedures, with a view to facilitating trade in services.

The declaration adopted by participating countries last December sets new disciplines on making the regulatory environment more conducive to business and lowering trade costs for services suppliers seeking to access foreign markets.

ALSO READ:UAE, Uzbekistan launch new phase of joint cooperation

Research published by the Organisation for Economic Co-operation and Development and the WTO found that the benefits from implementing the new rules on services domestic regulation would result in significant reductions in trade costs of US$ 150 billion annually, particularly in some of the most crucial services sectors. Implementation is likely to generate broader trade benefits for economies, such as increased services trade and further participation in global value chains.

All the participating members have submitted their draft schedules outlining how the new disciplines on services domestic regulation will be incorporated in their respective commitments under the WTO’s General Agreement on Trade in Services (GATS).

Previous Story

Biden to hold I2U2 summit during ME trip

Next Story

Stage set for US Premier League

Latest from -Top News

Trump tariffs send world markets into panic

US benchmark crude oil shed $2.70 to $64.25 a barrel after major oil producers announced they plan to increase production. Brent crude, the international standard, was down $2.63 at $67.51 a barrel

EU prepares retaliation for Trump’s tariffs

The European Commission is assembling a fresh round of counter-tariffs aimed at US goods, adding to two existing lists of potential targets—one of which includes products that were hit by suspended tariffs

US, EU slam China’s war games near Taiwan

US President Donald Trump underscored the need to maintain peace in the Taiwan Strait, advocating for a diplomatic approach to cross-strait tensions while warning against the use of force The United States

£13.9 billion of R&D fund to boost innovation, jobs

Funding outlined to support transformational R&D in areas like life sciences, green energy, engineering and beyond More UK innovators like those developing treatment-transforming dementia tests or building world-leading testing facilities to power
Go toTop

Don't Miss

UAE Rulers Congratulate New Emir of Kuwait

Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah officially assumed the role of

Dubai Chamber launches a new cycle of competition

The competition aims to attract promising business concepts that support