The UAE allocates $10 million to bolster initiatives of the World Trade Organization.
Abu Dhabi: Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, disclosed on Saturday that the UAE pledged a $10 million grant to support various pivotal initiatives of the World Trade Organization (WTO). The announcement comes as the UAE hosts and presides over the WTO’s 13th Ministerial Conference (MC13) in Abu Dhabi from February 26-29.
Sheikh Abdullah outlined that the UAE’s grant will be directed towards key initiatives including the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the Women Exporters in the Digital Economy (WEIDE) Fund, which is set to be launched during MC13. These initiatives are integral to the WTO’s efforts in fostering sustainable and inclusive global trade, particularly for Developing and Least Developed Countries (LDCs).
MC13, as the WTO’s paramount decision-making assembly, will convene leaders, ministers, and delegates from the organization’s 166 Member States in Abu Dhabi. The conference will facilitate critical negotiations on trade matters and discussions on enhancing and modernizing the global trading framework.
Furthermore, Sheikh Abdullah extended congratulations to the Republic of Comoros and the Republic of Timor-Leste on their impending accession to the World Trade Organization, a development slated for official announcement during MC13. He expressed optimism that more nations will join the WTO and reap the benefits of the multilateral trading system.
Underlining the UAE’s pivotal role in global trade, Sheikh Abdullah emphasized the nation’s Comprehensive Economic Partnership Agreements (CEPA) program, positioning the UAE at the forefront of international economic cooperation and signaling its commitment to expanding economic ties worldwide.
In a video shared by the WTO, Sheikh Abdullah urged representatives from all Member States to foster collaboration and engage in constructive negotiations aimed at modernizing the global trade system.
Regarding the WTO initiatives supported by the UAE grant, the Enhanced Integrated Framework (EIF) is singled out for its focus on assisting LDCs in leveraging trade for sustainable development and poverty reduction through partnerships with governments, development organizations, civil society, and academia.
Additionally, the Fisheries Funding Mechanism, operational since November 2022, aims to provide technical assistance and capacity building to member states for implementing fisheries subsidies regulations adopted at the WTO’s 12th Ministerial Conference.
Furthermore, the Women Exporters in the Digital Economy (WEIDE) Fund, a joint endeavor by the WTO and the International Trade Center (ITC), will be unveiled during MC13. With a budget of $50 million, this initiative aims to harness digitalization to enhance competitiveness and unlock new export opportunities for women-led businesses and entrepreneurs.
