UAE a leading voice on trade reform: Zeyoudi
Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has highlighted the centrality of trade to the global economy and the importance of modernising supply chains to meet the challenges in the year ahead during his visit to the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland.
Ater a record year for global trade, with the total value exceeding $32 trillion and world container shipping hiting an all-time high in August 2022, the World Trade Organisation has trimmed its forecast for trade growth to just one per cent in 2023, citing increasing downside risks from inflation, consumer spending and the ongoing energy crisis.
Dr. Al Zeyoudi used his visit to engage leaders across the world to champion multilateralism and accelerate the adoption of technology to catalyse the flow of goods and ensure all nations have equal, unrestricted access to the global trading system. Citing the UAE’S own trade successes in 2022, including record exports and the first half-year to exceed Dhs1 trillion in the nation’s history, and the WTO’S decision to host its 13th Ministerial Conference (MC13) in Abu Dhabi in Q1 2024, Dr. Thani positioned the UAE as a gateway to the world – and a leading voice on trade reform.
Dr. Al Zeyoudi said Davos always provides a welcome opportunity to build consensus with the international community on trade and investment issues. “Amid an uncertain global economic climate, the UAE remains an open, ambitious, dynamic economy that is reaching out to the world to accelerate trade. The centre of economic gravity is slowly shiting south and east, and we are at the heart of this evolution. In H1 2022, the Middle East experienced the highest year-on-year trade growth in the world at 74 per cent, and we believe our foreign trade agenda can continue to facilitate global trade.
“We want to be the bridge to the private sector, driving new trade deals, partnerships, FDI, and talent migration, and helping to connect the world’s fastest-growing economies. This is why we are working with the World Economic Forum to study ways to inject technology into our global trading system and drive that change. At a time when many worry about deglobalisation, we are looking to drive global economic expansion - to the benefit of us all.”
He also participated in the “Tradetech Meets Fintech” panel discussion alongside Ngozi Okonjo-iweala, Director-general, World Trade Organisation; Makhtar Diop, Managing Director of International Finance Corporation, and Peggy Alford, Executive Vice-president, Global Sales, Paypal. T
CORPORATE BIGWIGS DESTROYING THE PLANET, SAYS GRETA THUNBERG:
Swedish climate campaigner Greta Thunberg on Thursday slammed corporate bigwigs meeting in Davos, Switzerland, for “fuelling the destruction of the planet” by investing in fossil fuels and prioritising short-term profits over people affected by the climate crisis.
Thunberg was joined by prominent young activists Vanessa Nakate, Helena Gualinga and Luisa Neubauer in a roundtable with International Energy Agency Executive Director Fatih Birol at the World Economic Forum’s annual gathering.
Nakate, who at one point choked up, said “leaders are playing games” with people’s future.
The activists brought a “cease and desist” leter calling on the heads of fossil fuel companies to stop all new oil and natural gas projects, signed by nearly 900,000 people.
The head of the International Monetary Fund had strong words for global governments when she and others were asked on a panel session in Davos for one thing they would change to accelerate the transition to net zero.
IMG Managing Director Kristalina Georgieva said on Thursday at the World Economic Forum gathering that she would lock the US, China, India and EU in a room.
“Let them out ater they sign in blood a commitment to work together to save the planet,” she said to applause from the audience.
Thunberg did not atend the latest UN climate conference, or COP, in Egypt last year.
US climate envoy John Kerry told that he backs the decision of making Sultan Al Jaber COP28 president. “I think that Dr Sultan Al Jaber is a terrific choice because he is the head of the company (ADNOC). That company knows it needs to transition,” Kerry said on Sunday ater atending an energy conference in Dubai.
Amid an uncertain global economic climate, the UAE remains an open, ambitious, dynamic economy that is reaching out to the world to accelerate trade, says Minister.