The UAE offers a $10 million grant to support WTO funds
His Majesty Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan has declared that the United Arab Emirates (UAE) will contribute $10 million to the World Trade Organization (WTO) in support of its financial initiatives.
This announcement coincides with the thirteenth ministerial conference, which will be held in Abu Dhabi from February 26th to 29th.
The grant provided by the UAE will be directed towards various funds under the WTO, including the Fisheries Support Agreement Fund, the Enhanced Integrated Framework for Supporting Least Developed Countries, and the forthcoming Women in Export Support Fund, which is set to be inaugurated during the ministerial conference in Abu Dhabi.
Welcoming the high-level delegations attending the ministerial conference, His Highness Sheikh Abdullah emphasized the significance of this gathering for conducting pivotal negotiations on major trade matters and deliberating on mechanisms to enhance the regulations of the global trading system. He underscored the conference as a unique opportunity for global stakeholders to collaborate and address pressing trade issues and hurdles collectively.
His Highness conveyed congratulations to the Republic of the Comoros and the Republic of East Timor for nearing completion of their accession to the WTO, with an anticipated official announcement during the conference. He expressed hope for more countries to join the organization and leverage the benefits of the multilateral trading system.
Highlighting the UAE's efforts in fostering economic partnerships, His Highness emphasized the country's establishment of new economic ties through comprehensive agreements with numerous nations worldwide. He urged concerted efforts to garner international consensus on enhancing the global trading system and achieving sustainable economic development.
In conclusion, His Highness Sheikh Abdullah conveyed his best wishes for a successful ministerial conference that aligns with the aspirations of global populations for a brighter future. The funds designated for the UAE's grant play crucial roles within the WTO, aiming to maximize the benefits of global trade in advancing sustainable and inclusive development, particularly in developing or least developed countries.
The Enhanced Integrated Framework aims to aid least-developed countries in utilizing trade for growth and development, while the Fisheries Support Agreement Financing Fund seeks to provide technical assistance and capacity building in fisheries management in alignment with WTO regulations. Additionally, the forthcoming Women in Export Support Fund, known as the "Women Exporters in the Digital Economy Fund," aims to empower women entrepreneurs economically by leveraging digital capabilities to integrate them into global value chains.
