UAE Allocates $10 Million to Boost World Trade Organisation Initiatives

26 Feb, 2024

UAE Allocates $10 Million to Boost World Trade Organisation Initiatives

Abu Dhabi, UAE, pledges $10 million for critical World Trade Organisation (WTO) endeavors during the 13th Ministerial Conference (MC13), chaired by the UAE from February 26-29. The grant will bolster the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the launch of the Women Exporters in the Digital Economy (WEIDE) Fund, aimed at fostering sustainability and inclusivity in global trade, particularly for Developing and Least Developed Countries (LDCs).

MC13, gathering leaders and representatives from 166 Member States, serves as the pinnacle platform for negotiations on pivotal trade matters, striving to modernize and fortify the global trading framework. Additionally, the event will mark the official accession of the Republic of Comoros and the Republic of Timor-Leste to the WTO, signaling a commitment to multilateral trade cooperation.

Sheikh Abdullah highlights the UAE's role in international trade through its Comprehensive Economic Partnership Agreements (CEPA) program, positioning the country as a key player in global commerce. He urges Member States to collaborate and engage constructively in discussions to revitalize the global trading system.

The EIF, dedicated to aiding LDCs in leveraging trade for growth and poverty reduction, operates in tandem with the Fisheries Funding Mechanism, providing technical support for implementing Fisheries Subsidies Agreement rules. This initiative underscores the UAE's commitment to enhancing global trade sustainability and inclusivity