Economic experts and officials in the UAE have been emphasising how important it is for the Gulf nation to encourage unrestricted trade and investment to propel global economic growth. They emphasised the nation’s dedication to advancing global cooperation and forming alliances that advance prosperity and development.
The UAE has been successful in its efforts over the past few years to broaden its network of trading partners worldwide through comprehensive economic partnerships, according to statements provided to the Emirates News Agency (WAM). This has helped to boost trade and investment flows as well as global economic growth.
The United Arab Emirates (UAE) has significantly expanded its international trade network by signing ten comprehensive economic partnership agreements (CEPA) with nations of critical commercial and investment importance on four continents.
The officials emphasised that the World Trade Organisation’s (WTO) 13th Ministerial Conference concluded with the release of the Abu Dhabi Ministerial Declaration, which reaffirms the UAE’s leading efforts in fostering communication amongst WTO members and sustaining the momentum toward realising a more prosperous and sustainable future for global trade. Additionally, it mobilises global agreement to accomplish economic growth.
Following a week of intense negotiations, the 13th WTO Ministerial Conference came to an end with the adoption of the Abu Dhabi Ministerial Declaration, a historic document that contains significant new trade agreements and decisions that will increase the number of countries that will benefit from the global trading system.
The international trade community’s agreement on several important trade and development policies is reflected in the Abu Dhabi Ministerial Declaration. WTO members decided to give sanitary and phytosanitary measures, as well as technical trade obstacles, special and preferential consideration to help producers in the least developed countries (LDCs) gain better access to international supply chains.
The Emirates Entrepreneurship Association’s Chairman, Sanad Al Meqbali, emphasised the UAE’s strong position as a major contributor to promoting international trade and its leadership role in promoting the free flow of investment and trade. He emphasised the UAE’s strong support for the multilateral trading system as a catalyst for economic expansion and the creation of jobs.
The UAE has made significant progress toward enabling open trade and investment across nations worldwide, according to Khaled Hanafi, Secretary-General of the Union of Arab Chambers. He said, “Given its worldwide competitiveness and investment attractiveness, the UAE has also succeeded in becoming a crucial centre for trade around the world.”
“The UAE has made significant progress in trade and investment,” stated Ahmed Al Wakeel, Chairman of the Federation of Egyptian Chambers of Commerce, making the Gulf nation a major financial hub for investors.
He emphasised that the UAE’s status as a top location for corporate headquarters and operations stems from the infrastructure and dynamic that the nation offers in response to the ever-evolving global landscape.