Connect with us

UAE News

UAE Allocates $10 Million Grant to Support World Trade Organisation Initiatives

UAE Welcomes UN Resolution Urging Ceasefire in Sudan During Ramadan

The UAE has pledged a $10 million grant to bolster critical World Trade Organisation (WTO) initiatives, announced by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs. With the 13th Ministerial Conference (MC13) of the WTO underway in Abu Dhabi from February 26-29, this grant underscores the UAE’s commitment to enhancing global trade sustainability and inclusivity, particularly for Developing and Least Developed Countries (LDCs).

1. Focus on Essential WTO Initiatives: The grant will support key initiatives including the Fisheries Funding Mechanism, Enhanced Integrated Framework (EIF), and the Women Exporters in the Digital Economy (WEIDE) Fund, aimed at fostering sustainable and inclusive global trade practices.

2. High-Level Ministerial Conference (MC13): MC13 serves as the WTO’s highest decision-making platform, convening leaders, ministers, and representatives from 166 Member States to deliberate on critical trade issues and modernize the global trading system’s regulations.

3. Expansion of Economic Cooperation: Through its Comprehensive Economic Partnership Agreements (CEPA) program, the UAE is positioned at the forefront of international trade and remains committed to expanding economic cooperation globally.

4. Support for Least Developed Countries (LDCs): The Enhanced Integrated Framework (EIF) works closely with LDCs to leverage trade for growth, sustainable development, and poverty reduction, showcasing the UAE’s dedication to supporting vulnerable economies.

5. Strengthening Fisheries Sector: The Fisheries Funding Mechanism aims to assist member states in implementing fisheries subsidies regulations, contributing to sustainable ocean resource management and conservation efforts.

6. Empowering Women Entrepreneurs: The Women Exporters in the Digital Economy (WEIDE) Fund, with a budget of $50 million, seeks to harness digitalization to enhance competitiveness and facilitate access to export markets for women-led businesses, aligning with the UAE’s commitment to gender equality and economic empowerment.

Conclusion: As the UAE takes center stage in hosting MC13 and extends its support to vital WTO initiatives, it reinforces its role as a proactive global trade partner. By investing in these initiatives, the UAE demonstrates its dedication to fostering sustainable and inclusive trade practices, driving economic growth, and empowering vulnerable communities worldwide.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *