Abu Dhabi WTO Summit: New Global Trade Deal?

_Photo:x/wto

In Abu Dhabi, the World Trade Organization's (WTO) biennial ministerial conference commenced, bringing together ministers and trade officials to discuss the potential establishment of new global regulations. UAE President Sheikh Mohamed bin Zayed Al Nahyan welcomed leaders, ministers, and officials, emphasizing the importance of trade as a catalyst for prosperity and international cooperation. The UAE pledged $10 million to the WTO's trust funds, including the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the Women Exporters in the Digital Economy (WEIDE) Fund.

In a prelude to the three-day conference, the UAE also announced a $5 million contribution to the $50 million WEIDE fund for women exporters, aiming to support developing and least-developed countries. The WTO's 13th Ministerial Conference (MC13) seeks consensus on various trade issues, but challenges arise amid indications of the global economy dividing into distinct blocs, according to WTO Chief Ngozi Okonjo-Iweala. Despite political complexities, negotiators aspire to address internal reforms and potentially reach an agreement to enhance global fish stocks and protect fishermen by restricting government subsidies. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and conference chair, highlighted the importance of discussing trade and sustainability to ensure the WTO's continued relevance for future generations.

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