The United Arab Emirates, under the guidance of Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs, unveils an ambitious $10 million donation to energize a trio of World Trade Organization (WTO) projects. This bold move aligns with the goals of the WTO’s 13th Ministerial Conference (MC13) in Abu Dhabi, happening from February 26 to February 29, 2024, setting the stage for a transformative era in global trade that prioritizes sustainability and equity.
Targeted initiatives include the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the inaugural Women Exporters in the Digital Economy (WEIDE) Fund. Each project embodies the WTO’s mission to broaden the horizons of global trade, with a special focus on uplifting Developing and Least Developed Countries (LDCs).
Sheikh Abdullah, taking pride in the UAE’s pivotal role as host and chair of MC13, rolls out the red carpet for global dignitaries, ministers, and delegates from 166 Member States. This assembly promises to spark deep conversations on pressing trade matters and chart a course for revamping the architecture of international commerce.
The welcoming of the Republic of Comoros and the Republic of Timor-Leste into the WTO’s ranks, celebrated by Sheikh Abdullah, underscores this moment as a significant leap in bolstering the global trading framework. This expansion fuels optimism for a future where the benefits of a unified trading system are universally accessible.
With the UAE at the nexus of global trade through its Comprehensive Economic Partnership Agreements (CEPA) program, Sheikh Abdullah urges a collaborative spirit among MC13 participants. It sculpt a global trading system that fosters sustainable growth and prosperity for communities worldwide.
The allocation of the UAE’s grant signifies a strategic investment in the WTO’s agenda. The EIF stands as a unique partnership committed to propelling LDCs forward through trade-driven growth, development, and poverty alleviation. Meanwhile, the Fisheries Funding Mechanism, active since November 2022, extends vital support for members to comply with the Fisheries Subsidies agreement from the WTO’s 12th Ministerial Conference.
Launching during MC13, the WEIDE Fund represents a pioneering effort by the WTO and the International Trade Center (ITC) to harness digital advances, boosting the prowess of women-led enterprises on the global stage. With a $50 million war chest, this program is set to unlock unprecedented opportunities for female entrepreneurs to weave into the fabric of global commerce.
BUSINESS GENERAL | Royal Navy Chief Warns of Trade Threat from Houthi Attacks
