DMCC Briefs WTO On Global Trade Dynamics And Future Trends In Geneva

DMCC, the world’s leading free zone and Dubai Government Authority on commodities trade, presented its Future of Trade 2024 report at an event in Geneva, Switzerland. The briefing took place at the World Trade Organisation (WTO) headquarters and included high-level officials like WTO Director-General Dr. Ngozi Okonjo-Iweala.

The report highlighted that global regionalisation will prompt businesses to restructure supply chains due to geopolitical tensions, conflicts, climate change, economic nationalism, and trade protectionism. This shift presents opportunities for diversifying export markets and sourcing networks.

DMCC acknowledged the WTO's role in maintaining an open and stable global trading environment necessary for leveraging new trade opportunities. They urged the WTO to lead and innovate to address emerging challenges in international trade. Technological advances such as AI and environmental goods trade are expected to offer economic benefits, necessitating global consensus and standards for trade resilience.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, stated, "Since joining the WTO almost thirty years ago, the UAE's relationship has developed from one of integration to participation, and now, one of leadership and influence." He emphasised that the WTO's framework has been crucial in Dubai's rise as a global trade hub. With over 75 percent of global goods traded on WTO terms, an efficient WTO is vital for fair trade amidst new disruptions like AI and climate change.

Ngozi Okonjo-Iweala remarked on the report’s insights: "The Future of Trade report rightly highlights that amid all the challenges facing global trade in the decade ahead, there are also opportunities." She noted that trade could benefit those left out by recent globalisation waves and strengthen efforts to decarbonise economies while making supply chains more resilient.

Switzerland's Rising Influence

The Commodities Trade Index within the Future of Trade report saw Switzerland rise to third place since its inception in 2018. Switzerland scored highly due to its locational and institutional advantages, marking it as a significant player in global commodities trade. DMCC underscored the growing interconnectivity between Switzerland and UAE across goods and services as essential for future economic growth.

Feryal Ahmadi, Chief Operating Officer of DMCC, added: "DMCC is delighted to be at the WTO in Geneva to present our Future of Trade 2024 report." She stressed the importance of collaboration among businesses, governments, and regulators to harmonise standards and create innovative regulatory frameworks for today’s trade challenges.

The Future of Trade Report Series

The Future of Trade is DMCC’s flagship thought leadership series on global trade dynamics. It explores how economic trends, geopolitics, technology, sustainability, and finance shape future trade landscapes. The series has garnered over 1.9 million views and downloads, highlighting DMCC's influence as a leading voice on international trade.

The event underscored DMCC’s commitment to supporting greater global trade facilitation through continued engagement with the WTO. The organisation aims to sustain long-term economic growth by promoting stability in global trade practices.

With inputs from WAM