UAE grants $10 million to support World Trade Organisation initiatives
WTO’s ministerial conference is being hosted by UAE in Abu Dhabi from February 26-29
Abu Dhabi: The UAE will provide a $10 million grant to support several key World Trade Organisation (WTO) initiatives, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, announced on Saturday. The WTO’s 13th Ministerial Conference (MC13) is being hosted and chaired by the UAE in Abu Dhabi from February 26-29.
Sheikh Abdullah said that the grant to be provided by the UAE will be allocated to the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the Women Exporters in the Digital Economy (WEIDE) Fund that will be launched during MC13. The WTO initiatives that will benefit from the UAE grant are considered the organisation’s most essential and are focused on making global trade more sustainable and inclusive, especially regarding Developing and Least Developed Countries (LDCs).
The WTO’s MC13, the organisation’s highest decision-making body, will welcome leaders, ministers and representatives of the 166 Member States to Abu Dhabi for crucial negotiations on key trade issues and discussions on how to enhance and modernise the rules of the global trading system.
Sheikh Abdullah also congratulated the Republic of Comoros and the Republic of Timor-Leste on their accession to the World Trade Organization, which will be officially announced during MC13. He expressed his hope that more countries will be able to join the WTO and benefit from the multilateral trading system.
CEPA
Sheikh Abdullah said that through its Comprehensive Economic Partnership Agreements (CEPA) programme, the UAE is now at the heart of international trade and will continue to expand its economic cooperation with the world. In a video shared by WTO, he encouraged representatives of all Member States to display a spirit of collaboration and engage in constructive and meaningful negotiations to modernise the global trading system.
WTO initiatives
The Enhanced Integrated Framework (EIF) is the only multilateral partnership dedicated to helping LDCs by working closely with governments, development organisations, civil society, and academia to use trade for growth, sustainable development, and poverty reduction.
Meanwhile, the Fisheries Funding Mechanism Funding Mechanism, which became operational in November 2022, aims to provide member states with technical assistance and capacity building to implement the rules set out in the agreement on Fisheries Subsidies that was adopted at the WTO’s 12th Ministerial Conference.
The Women Exporters in the Digital Economy (WEIDE) Fund is a joint initiative that will be launched by the World Trade Organization and the International Trade Center (ITC) during MC13. With a budget of $50 million, it aims to leverage digitalisation to boost competitiveness and unlock new export markets for women-led businesses and entrepreneurs.