‘UAE Donates million to Boost WTO Programs’

Sheikh Abdullah bin Zayed Al Nahyan, the Minister of Foreign Affairs of the United Arab Emirates (UAE), recently announced that the UAE will provide a grant of US million (AED 36.7 million) to support key initiatives of the World Trade Organisation (WTO). This announcement was made during the 13th Ministerial Conference for the WTO, which is being hosted and chaired by the UAE in Abu Dhabi from February 26 to 29.

The grant provided by the UAE will be allocated to important initiatives such as the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the Women Exporters in the Digital Economy (WEIDE) Fund. The WEIDE Fund is set to be launched during the conference.

Sheikh Abdullah expressed his pride in the UAE hosting the WTO’s highest decision-making body and extended a warm welcome to the leaders, ministers, and representatives of the 166 member states, who have gathered in Abu Dhabi for critical negotiations on trade issues and discussions on enhancing and modernizing global trade rules.

Moreover, Sheikh Abdullah also congratulated the Republic of Comoros and the Republic of Timor-Leste on their upcoming official accession to the World Trade Organization. He expressed his hope that more countries will join the organization and benefit from the multilateral trading system.

Highlighting the UAE’s position as a key player in international trade, Sheikh Abdullah mentioned the Comprehensive Economic Partnership Agreements (CEPA) program, which has positioned the country at the heart of global trade. He emphasized the UAE’s commitment to expanding economic cooperation with the world and encouraged representatives of all member states to engage in collaborative and meaningful negotiations to modernize the global trading system. Sheikh Abdullah stated that this will contribute to creating sustainable and inclusive economic growth and improve the standard of living for people worldwide.

The initiatives supported by the UAE grant are crucial for making global trade more sustainable and inclusive, with a particular focus on developing and least developed countries (LDCs). The Enhanced Integrated Framework (EIF) is a multilateral partnership that exclusively aids LDCs by collaborating with governments, development organizations, civil society, and academia to use trade as a catalyst for growth, sustainable development, and poverty reduction.

The Fisheries Funding Mechanism, which became operational in November 2022, aims to provide technical assistance and capacity building to member states in implementing the rules outlined in the agreement on Fisheries Subsidies adopted during the WTO’s 12th Ministerial Conference.

The Women Exporters in the Digital Economy (WEIDE) Fund is another essential initiative that will be launched by the World Trade Organization and the International Trade Center (ITC) during this conference. With a budget of US million, the fund aims to empower women-led businesses and female entrepreneurs to access global value chains and engage in the global trading system by leveraging digitalization. This initiative seeks to boost their competitiveness and unlock new export markets for the benefit of women in business.

Overall, the UAE’s substantial grant demonstrates its commitment to supporting the WTO’s vital initiatives and its dedication to equitable and sustainable global trade.