UAE Announces US$10 Million Grant to Support Key WTO Initiatives During MC13 in Abu Dhabi

Abu Dhabi, The Gulf Observer: H.H. Sheikh Abdullah bin Zayed Al Nahyan, the Minister of Foreign Affairs, declared that the United Arab Emirates will extend a US$10 million grant to support vital initiatives of the World Trade Organization (WTO) during its 13th Ministerial Conference (MC13) hosted and chaired by the UAE in Abu Dhabi from 26th-29th February.

The UAE’s grant will be allocated to three key initiatives: the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the Women Exporters in the Digital Economy (WEIDE) Fund, set to be launched during MC13.

Sheikh Abdullah expressed pride in hosting MC13, the WTO’s highest decision-making body, and welcomed leaders, ministers, and representatives from the 166 Member States to Abu Dhabi for pivotal negotiations on trade issues and discussions aimed at enhancing and modernizing the rules of the global trading system.

During his announcement, Sheikh Abdullah congratulated the Republic of the Comoros and the Republic of Timor-Leste on their accession to the WTO, to be officially declared during MC13. He expressed hope that more countries would join the organization, benefitting from the multilateral trading system.

Highlighting the UAE’s pivotal role in international trade through its Comprehensive Economic Partnership Agreements (CEPA) program, Sheikh Abdullah emphasized the commitment to expanding economic cooperation globally. He urged representatives of all Member States to foster collaboration, engage in constructive negotiations, and contribute to the modernization of the global trading system for sustainable and inclusive economic growth.

The UAE’s grant will support crucial WTO initiatives aimed at making global trade more sustainable and inclusive, particularly for Developing and Least Developed Countries (LDCs).

Enhanced Integrated Framework (EIF): The only multilateral partnership exclusively dedicated to aiding LDCs by leveraging trade for growth, sustainable development, and poverty reduction.

Fisheries Funding Mechanism: Operational since November 2022, it provides technical assistance and capacity building to Member States for implementing the rules outlined in the agreement on Fisheries Subsidies adopted at the WTO’s 12th Ministerial Conference.

Women Exporters in the Digital Economy (WEIDE) Fund: A joint initiative of the WTO and the International Trade Center (ITC), to be launched during MC13 with a budget of US$50 million. The fund aims to empower women-led businesses and entrepreneurs to access global value chains and engage in the global trading system through digitalization.

The UAE’s contribution underscores its commitment to supporting initiatives that foster global trade inclusivity and sustainability.