Russian Economic Minister Commends UAE's Efforts In Hosting WTO Conference

Russian Minister of Economic Development, Maxim Reshetnikov, recently praised the United Arab Emirates for its exemplary handling of the 13th Ministerial Conference of the World Trade Organisation (MC13). During an interview with the Emirates News Agency (WAM), Reshetnikov highlighted the UAE's pivotal role in addressing critical issues within the global trade system, especially amidst prevailing challenges.

Reshetnikov underscored the significance of a functional dispute settlement system within global trade, pointing out that its absence undermines the effectiveness of established trade rules. He voiced particular concern for developing countries caught in the current deadlock, stressing the necessity for global trade leaders to work together to navigate these challenges.

The Minister lauded advancements such as the Investment Facilitation for Development Agreement, aimed at fostering a conducive environment for investors. He also praised the WTO Agreement on Fisheries Subsidies for combating illegal fishing practices that threaten marine biodiversity and resource sustainability.

Addressing the climate agenda at the conference, Reshetnikov acknowledged concerns over potential protectionist measures under the guise of climate action. He advocated for a strategic allocation of resources towards both mitigation and adaptation efforts in response to climate change.

Reshetnikov commended the UAE's role as host of COP28, emphasizing its ongoing significance in global climate discussions. He expressed a commitment to balancing competing priorities to safeguard the interests of all nations involved.

The Minister also celebrated the robust relationship between the UAE and Russia, noting a fivefold increase in bilateral trade over five years, surpassing $10 billion last year. He attributed this growth to mutual respect and understanding of economic interests, highlighting resilience amidst recent challenges.

Looking ahead, Reshetnikov outlined promising areas for future collaboration, including industrial cooperation within Emirati special economic zones. He acknowledged the UAE's potential in transportation and detailed Russian investments in developing the Northern Sea Route, emphasizing its benefits for Russian businesses.

He concluded by affirming Russian businesses' readiness to further invest in the UAE, citing successful collaborations such as the certification of halal Russian products. This partnership has facilitated ongoing deliveries of high-quality Russian goods to the UAE market.

With inputs from WAM