UAE supplies US$10 million grant to assist WTO initiatives

Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, has introduced that the UAE will present a US$10 million (AED 36.7 million) grant to assist a number of key initiatives of the World Trade Organisation (WTO).

The thirteenth Ministerial Conference for the WTO is ready to be hosted and chaired by the UAE in Abu Dhabi from February 26 to 29.

Sheikh Abdullah mentioned that the grant to be supplied by the UAE shall be allotted to the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the Women Exporters within the Digital Economy (WEIDE) Fund that shall be launched throughout MC13.

Sheikh Abdullah bin Zayed expressed his pleasure that the UAE is internet hosting the WTO’s MC13, the organisation’s highest decision-making physique, and welcomed all leaders, ministers and representatives of the 166 Member States to Abu Dhabi for essential negotiations on key commerce points and discussions on easy methods to improve and modernise the foundations of the worldwide buying and selling system.

He additionally congratulated the Republic of Comoros and the Republic of Timor-Leste on their accession to the World Trade Organization, which shall be formally introduced throughout MC13. He expressed his hope that extra nations will have the ability to be a part of the organisation and profit from the multilateral buying and selling system.

Sheikh Abdullah added that by means of its Comprehensive Economic Partnership Agreements (CEPA) programme, the UAE is now on the coronary heart of worldwide commerce and can proceed to increase its financial cooperation with the world. He inspired representatives of all Member States to show a spirit of collaboration and have interaction in constructive and significant negotiations to modernise the worldwide buying and selling system and assist contribute to creating sustainable and inclusive financial progress to lift the usual of dwelling for folks worldwide.

The WTO initiatives that may profit from the UAE grant are thought of the organisation’s most essential and are centered on the core targets of constructing international commerce extra sustainable and inclusive, particularly concerning growing and least developed nations (LDCs).

The Enhanced Integrated Framework (EIF) is the one multilateral partnership devoted completely to serving to LDCs by working carefully with governments, growth organisations, civil society, and academia to make use of commerce as an engine for progress, sustainable growth, and poverty discount.

The Fisheries Funding Mechanism grew to become operational in November 2022 and goals to supply Member States with technical help and capability constructing to implement the foundations set out within the settlement on Fisheries Subsidies adopted on the WTO’s twelfth Ministerial Conference.

The Women Exporters within the Digital Economy (WEIDE) Fund is a joint initiative that shall be launched by the World Trade Organization and the International Trade Center (ITC) throughout MC13. With a price range of US$50 million, it goals to leverage digitalisation to spice up the competitiveness of and unlock new export markets for women-led companies and feminine entrepreneurs by empowering them to entry international worth chains and have interaction within the international buying and selling system.