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Eye of Riyadh
Business & Money | Monday 4 March, 2024 11:27 am |
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UAE champions free trade, investment to fuel global growth: Officials

Economic officials have stressed the UAE's significant role in supporting the free flow of trade and investment to drive global economic growth. They also highlighted the country's commitment to strengthening international cooperation and building partnerships that promote development and prosperity.

 

In statements to the Emirates News Agency (WAM), the officials said that the UAE has succeeded in its endeavours over the past few years to expand its base of trading partners around the world through comprehensive economic partnerships, contributing to increasing trade and investment flows and enhancing global economic growth.

 

The UAE has signed 10 comprehensive economic partnership agreements (CEPA) with countries of strategic commercial and investment importance on four continents, representing a major expansion in the country's foreign trade network.

 

The officials pointed out that the Abu Dhabi Ministerial Declaration, issued at the conclusion of the 13th Ministerial Conference of the World Trade Organisation (WTO), reaffirms the UAE's leading efforts in strengthening communication bridges between WTO members and maintaining the momentum towards achieving a more prosperous and sustainable future for global trade. It also mobilises international consensus to achieve economic development.

 

The 13th WTO Ministerial Conference concluded after a week of intensive negotiations with the adoption of the Abu Dhabi Ministerial Declaration – a historic document that includes important new trade agreements and decisions that will expand the benefits of the global trading system to more countries around the world.

 

The Abu Dhabi Ministerial Declaration reflects the consensus of the global trade community on a series of key trade and development policies. WTO members agreed to implement special and preferential treatment for sanitary and phytosanitary measures and technical barriers to trade, which support producers in least developed countries (LDCs) to better access global supply chains.

 

Sanad Al Meqbali, Chairman of the Emirates Entrepreneurship Association, emphasised the UAE's leading role as a key supporter of the free flow of trade and investment, as well as its position as a major contributor to stimulating international trade. He pointed out the UAE's firm belief in the multilateral trading system, which is a driver of growth, development, and job creation.

 

Khaled Hanafi, Secretary-General of the Union of Arab Chambers, said that the UAE has succeeded in achieving major achievements in terms of the free flow of trade and investment between countries around the world. The UAE has also succeeded in becoming a pivotal centre for trade around the world, given its global competitiveness and investment attractiveness, he added.

 

Ahmed Al Wakeel, Chairman of the Federation of Egyptian Chambers of Commerce, said that the UAE has achieved a qualitative leap in the field of trade and investment, which has made it an important financial centre for investors in the region. He highlighted the UAE's position as a preferred headquarters and centre for businesses due to the facilities and dynamics that the country provides in line with the changing global circumstances.

 

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