wto ministerial conference 2024 in abu dhabi shaping the future of global trade
The vibrant city of Abu Dhabi hosts the 13th WTO Ministerial Conference, bringing together 175 member states, private sector leaders, NGOs, and civil society. This critical forum serves as the pinnacle decision-making body of the WTO, where trade ministers collaboratively address challenges, refine rules, and shape the global trade policy agenda.
Building on the successes of the previous conference in Geneva, MC13 focuses on advancing the access of developing and least developed countries to the global trading system. Key areas of discussion include intellectual property, WTO dispute resolution mechanisms, and a commitment to fostering an efficient, sustainable, and inclusive trading system.
The conference underscores the importance of collaboration with non-governmental organizations, the private sector, and civil society. Various side events, including the TradeTech Global Forum and sessions on trade facilitation and finance, emphasize the need for innovative approaches to enhance the effectiveness of global trade policies.
The 13th WTO Ministerial Conference kicks off in Abu Dhabi, ushering in a dynamic platform for global leaders to navigate the complexities of international trade. As the highest decision-making body of the WTO, the conference unites nations in addressing pressing issues, refining trade rules, and collectively shaping the future of global commerce.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Chair of MC13, passionately opens the event, urging decision-makers to modernize the rules of the global trading system for inclusivity and equity. Emphasizing the pivotal role of the WTO as a global safety net, he calls for a prosperous future for all countries through international trade, highlighting the UAE’s transformation into a global trade hub over the past 50 years.
Acknowledging the challenges faced by the multilateral trading system, Dr. Al Zeyoudi underscores the WTO’s role in countering unilateral protectionism and discrimination. The conference, supported by the UAE’s $10 million grant, addresses critical junctures in the global economy, technological shifts, and evolving trade landscapes. The opening day witnesses two new WTO members, Comoros and Timor-Leste, joining the organisation.
The Ministerial Conference acknowledges the world’s shifting priorities, including climate change, sustainability, and the ongoing impacts of the COVID-19 pandemic. Countries grapple with economic debts, rising living costs, and food security concerns. In this evolving landscape, the WTO stands as a powerful force, contributing to global efforts to achieve the UN Sustainable Development Goals and maintain an equitable, rules-based trading system.
Dr. Al Zeyoudi calls for a dynamic approach, highlighting the need for “new thinking” to address the diverse priorities of an expanding WTO membership. Recognizing the importance of respecting established rules while being forward-looking, he emphasizes the UAE’s commitment to fostering an environment that encourages open and constructive negotiations during the conference.
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, reaffirms the UAE‘s commitment to the WTO’s goals by attending the opening ceremony. The announcement of a $10 million grant underscores the nation’s dedication to supporting key initiatives such as the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the Women Exporters in the Digital Economy (WEIDE) Fund.
The global economy faces unprecedented challenges, with nations dealing with the aftermath of the COVID-19 pandemic, debt burdens, and a renewed focus on climate change. The Ministerial Conference recognizes this critical juncture, emphasizing the role of the WTO in countering protectionism and steering international trade towards sustainable development goals.
Dr. Al Zeyoudi’s call for “new thinking” echoes the necessity for the WTO to adapt to a fast-changing trade environment. With the service sector driving global trade and traditional assumptions no longer standing alone, the conference becomes a platform for dynamic discussions on reshaping the WTO to meet the diverse needs of its growing membership.
The UAE’s substantial financial contribution demonstrates its commitment to the WTO’s mission. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s presence and the $10 million grant underscore the nation’s active role in promoting global trade, sustainability, and the empowerment of women in the digital economy.
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