UAE’s Role in Global Trade and Investment Emphasized by Economic Officials

Economic officials have recently emphasized the pivotal role played by the United Arab Emirates (UAE) in fostering the free flow of trade and investment as a catalyst for global economic growth. Through comprehensive economic partnerships and commitments to international cooperation, the UAE continues to strengthen its position as a key player in driving development and prosperity on a global scale.

In interviews with the Emirates News Agency (WAM), these officials highlighted the UAE’s success in expanding its network of trading partners worldwide over the past few years. By entering into 10 comprehensive economic partnership agreements (CEPA) with strategically important countries across four continents, the UAE has significantly broadened its foreign trade network, leading to increased trade and investment flows and contributing to global economic expansion.

A significant milestone in this regard is the Abu Dhabi Ministerial Declaration, issued at the conclusion of the 13th Ministerial Conference of the World Trade Organization (WTO). This declaration underscores the UAE’s unwavering commitment to enhancing communication channels among WTO members and sustaining momentum towards achieving a more prosperous and sustainable future for global trade. The declaration, which has been hailed as historic, aims to mobilize international consensus towards common economic development objectives. The 13th WTO Ministerial Conference concluded with the adoption of the Abu Dhabi Ministerial Declaration, marking a significant step forward in global trade policy. The declaration encompasses a range of new trade agreements and decisions designed to extend the benefits of the global trading system to a wider array of countries, thus fostering greater inclusivity and cooperation in the realm of international trade.

Among the key provisions of the declaration is the implementation of special and preferential treatment for sanitary and phytosanitary measures, as well as technical barriers to trade. These measures are intended to provide support to producers in least developed countries (LDCs) by facilitating their access to global supply chains, thereby promoting equitable economic development. Sanad Al Meqbali, Chairman of the Emirates Entrepreneurship Association, underscored the UAE’s leading role in supporting the free flow of trade and investment, as well as its significant contribution to stimulating international trade. He reiterated the UAE’s steadfast commitment to the multilateral trading system as a fundamental driver of growth, development, and job creation on a global scale.

Similarly, Khaled Hanafi, Secretary-General of the Union of Arab Chambers, commended the UAE’s achievements in facilitating the free flow of trade and investment globally. He emphasized the UAE’s emergence as a pivotal trade hub, driven by its competitiveness and attractiveness to investors seeking opportunities in the region and beyond. Ahmed Al Wakeel, Chairman of the Federation of Egyptian Chambers of Commerce, lauded the UAE’s remarkable progress in the field of trade and investment, noting its transformation into a prominent financial center in the region. He highlighted the UAE’s appeal as a preferred destination for businesses, citing the conducive business environment and dynamic opportunities it offers amidst evolving global economic dynamics.

In conclusion, the UAE’s commitment to supporting free trade and investment is not only evident through its extensive network of economic partnerships but also through its active participation in global forums such as the WTO Ministerial Conference. As the UAE continues to play a leading role in driving global economic growth, its efforts are poised to have far-reaching implications for international trade and development.