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

UK MPs Slam Pakistan Over Minority Abuses

Minority communities such as Shias, Christians, Hindus, and Ahmadis continue to face harassment, violence, and intimidation. In many cases, law enforcement either turns a blind eye or enables the attacks through inaction…reports

Words Won’t Stop China, Quad Must Deliver

 If the Quad aims to counterbalance China’s growing influence, it must expand its focus beyond the maritime domain and address the continental dynamics of the Indo-Pacific…writes Imran Khurshid Despite early concerns that

India Stays Neutral on Dalai Lama Succession

As exiled Tibetan spiritual leader approaches his 90th birthday, he asserted on Wednesday that there will be the 15th reincarnation…reports Asian Lite News Responding to the Dalai Lama’s recent remarks, India on

USAID cut could kill 14 million more deaths

Human rights advocates and global health experts have expressed alarm at the speed and scale of the cuts…reports Asian Lite News A new study published in The Lancet has warned that ongoing

Trump goes nuclear on Mamdani

Mamdani, a 33-year-old democratic socialist and son of Indian-Ugandan immigrants, secured a surprise victory over former governor Andrew Cuomo in the Democratic primary.;…reports Asian Lite News President Donald Trump has intensified his
Go toTop

Don't Miss

Hamdan approves policies on sustainability

Hamdan stressed that Dubai leads global cities in promoting sustainable

Expo 2025 Osaka Kansai takes baton

The Expo 2025 Osaka Kansai theme is Designing Future Society