The UAE team at the World Trade Organization (WTO) recently shared some exciting news about international trade. They announced that, in an unprecedented move, the United Nations Climate Conference (COP28) will highlight international trade. They have planned a full day devoted to discussing the ins and outs of international trade. Their goal is to demonstrate how international trade can boost environmentally friendly growth and strengthen our supply chains, preparing them better for future challenges.
The COP28 President Designate, Dr Sultan Al Jaber, issued a letter confirming this novel direction last week. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, will join the WTO Secretariat and the COP28 Presidency to lead the trade-focused committee for COP28. Notably, the International Chamber of Commerce (ICC), the United Nations Conference on Trade and Development (UNCTAD), the Abu Dhabi Department of Economic Development (ADDED), and the World Economic Forum (WEF) have all received invitations to contribute to these landmark trade discussions.
An inaugural alliance of its kind within a United Nations Climate Conference, this collaboration champions the use of trade and investment as mechanisms to deliver climate change mitigation and adaptation. It also aims to secure open and fair access to global supply chains, nurturing growth for small- and micro-enterprises worldwide, especially those within the Global South.
Dr Thani Al Zeyoudi expressed the UAE’s commitment, stating, “The UAE, as a global supply chain hub, recognizes the pivotal role of the international trading community to foster energy transition and stimulate sustainable growth globally.”
Meanwhile, the WTO’s Director General, Dr Ngozi Okonjo-Iweala, called for the acknowledgment of trade as an essential element within the climate change discourse. Dr Sultan Al Jaber echoed these sentiments, elaborating on the value of trade as a tool for accelerating climate action and unlocking investments in emerging economies.
Ahmed Jasim Al Zaabi, Chairman of ADDED, spoke of the significance of trade at COP28 as a testament to the UAE’s commitment to shaping global trade towards sustainable development.
Preceding COP28, Abu Dhabi will host the 8th edition of UNCTAD’s World Investment Forum, which promises to lay the groundwork for addressing global trade and investment issues feeding into the COP28 negotiations.
UNCTAD Secretary-General Rebeca Grynspan emphasized the positive impact of trade on global commitments to carbon reduction and sustainability, describing trade as a powerful catalyst for promoting inclusive growth and reducing poverty.
COP28, with its unprecedented focus on trade, is expected to offer a platform for government, industry, and civil society leaders to evaluate progress and establish a clear, forward-looking plan of action. COP28 Trade Day is scheduled for December 4 at Expo City Dubai.
The UAE, an influential global trade hub, is poised to guide discussions on integrating greater efficiencies, cutting-edge technologies, and low-carbon solutions into global supply chains. Besides hosting UNCTAD’s 8th World Investment Forum this October, the UAE is also set to host the WTO’s 13th Ministerial Conference (MC13) in February 2024.
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