UAE foreign trade has seen massive 49 per cent increase since 2021
world trade organisation
Latest in world trade organisation
global economy
Global trade to shrink by 0.2% as Trump tariffs trigger ‘dampening effect,’ WTO warns
Despite world economic growth forecast being slashed to 2.2%, WTO expects least-developed countries to potentially benefit from trade disruption
Donald Trump
WTO, IMF warn of global economic damage from Trump’s tariffs
The IMF plans to share a detailed assessment of the tariffs’ impact later this month
UAE trade
UAE plays ‘incredible role in world trade’: WTO
UAE investments in wide range of sectors will have major impact on economy amid signs of trade growth
trade agreements
UAE announces new Trade for Development platform to support developing countries in trade negotiations
The UAE seeks to share its successful experiences and stimulate economic growth in developing and least developed countries through this initiative
Abu Dhabi
Comoros, Timor-Leste become newest members of WTO during MC13 in Abu Dhabi
The two are the first new nations to join since 2016
India
India bats for easier exit from WTO pacts
The South Asian country has also expressed concerns about the concerted attempt to club long-standing development issues like policy space for industrial development with the new issues of “Trade and Industrial policy”
Agriculture
Farmer unions in India observe ‘Quit WTO Day’ on Monday
The new demand comes even as the protesting farmers are set to embark on a tractor rally to Delhi from adjoining states
GDP
WTO slashes its global trade growth projections for 2023 to just 0.8%
The revised projections come amid a continued slump in global merchandise trade that began in the fourth quarter of 2022
Ban on rice exports
US, EU hit out at India’s rice export curbs
India argues that ban on rice is a regulation rather than a restriction, which is crucial for securing the food security of 1.4 billion people
digital economy
Global exports of digitally delivered services hit $3.82 trillion in 2022
They accounted for 12% of total goods and services trade last year
G20
India proposes creating global pool of health professionals to combat pandemics and natural disasters
The proposal assumes significance in the wake of the huge disparity in the abilities of various countries, especially the underdeveloped and poor one, in handling the Covid-19 pandemic
climate action
WTO cautions productivity losses, supply chain disruptions if climate change actions not accelerated
Latest report by the trade body pointed out that trade is a force multiplier for countries’ adaptation efforts in the face of climate disruptions, reducing costs of technologies and critical goods and services
FIFA
WTO, FIFA team up to foster synergies for economic growth, social inclusion
The two bodies signed a MoU for joint efforts, even as market studies predicted Qatar to benefit up to $20 billion economic impact from hosting the World Cup
Juma Mohammed Al Kait
UAE joins WTO’s joint initiative on Services Domestic Regulation
Assistant Under-Secretary at the UAE Ministry of Economy for Foreign Trade Affairs, Juma Mohammed Al Kait said being part of this outcome will support the UAE’s long-term trade policy strategy
Geneva
WTO members urged to address needs of women entrepreneurs at MC12 event
The event spotlighted perspectives from entrepreneurs and enabling organisations to effectively increase women’s participation in international trade
David Beasley
World Bank calls for ‘urgent’ support of vulnerable countries amidst rising food insecurity
War in Ukraine, ongoing coronavirus, climate change all cited as reasons for sharply rising food and oil prices