UAE Provides USD 10 Million Grant To Boost WTO Initiatives For Inclusive Global Trade

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, has made a significant announcement regarding the United Arab Emirates' commitment to global trade initiatives. The UAE will contribute a US$10 million grant to support several key initiatives of the World Trade Organization (WTO). This announcement comes as the UAE prepares to host and chair the WTO's 13th Ministerial Conference (MC13) in Abu Dhabi from 26th-29th February.

The allocated funds from the UAE will bolster the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the Women Exporters in the Digital Economy (WEIDE) Fund. These initiatives are set to be highlighted during MC13, reflecting the UAE's dedication to fostering sustainable and inclusive global trade, particularly for Developing and Least Developed Countries (LDCs).

Sheikh Abdullah expressed his pride in the UAE hosting MC13, emphasizing the importance of modernizing global trading rules. He also welcomed the accession of the Republic of Comoros and the Republic of Timor-Leste to the WTO, highlighting it as a step forward for global trade inclusivity.

The Minister further discussed the UAE's role in international trade through its Comprehensive Economic Partnership Agreements (CEPA) programme. He encouraged a spirit of collaboration among WTO Member States to contribute towards sustainable economic growth worldwide.

The EIF, operational exclusively for LDCs, aims at leveraging trade for growth, sustainable development, and poverty reduction. It collaborates with governments, development organizations, civil society, and academia to achieve these goals.

The Fisheries Funding Mechanism, which became operational in November 2022, provides technical assistance and capacity building for Member States. This initiative helps implement the agreement on Fisheries Subsidies adopted at the WTO’s 12th Ministerial Conference.

The WEIDE Fund, a joint initiative by the WTO and the International Trade Center (ITC), is set to launch during MC13 with a budget of US$50 million. It aims to empower women-led businesses and female entrepreneurs by leveraging digitalization to enhance their competitiveness and access to global markets.

In summary, the UAE's substantial contribution underscores its commitment to enhancing global trade mechanisms. By supporting these key WTO initiatives, the UAE aims to foster a more sustainable and inclusive trading environment that benefits all nations, particularly those that are developing or least developed.

With inputs from WAM