WTO Calls UAE a Global Trade Hub; Praises Economic Policies
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The World Trade Organization (WTO) recently reviewed the United Arab Emirates (UAE) and its trade policies, and ranked it against other member nations around the world. According to the WTO, the UAE has become a key player in global trade, and it lauded the Middle Eastern Nation’s commitment to a multilateral trading system and policies for free and open trade.
The World Trade Organization (WTO) recently reviewed the United Arab Emirates (UAE) and its trade policies, and ranked it against other member nations around the world. According to the WTO, the UAE has become a key player in global trade, and it lauded the Middle Eastern Nation’s commitment to a multilateral trading system and policies for free and open trade.
The UAE’s review was collaboration between the WTO and a number of high-level delegates from the UAE. The UAE delegates provided the WTO with information regarding some 260 questions posed by the organization. Questions pertained to matters such as pending legislation affecting trade, existing laws and practices, and services provided by the nation in support of free trade of goods and services.
The WTO praised the UAE’s progress in diversifying its economy, noting how the nation had utilized flexible trade policies to aid growth in non-oil trade with foreign nations.
In response, the UAE expressed pride over the WTO’s broad praise and reaffirmed its commitment to expanding its role in global trade. “The UAE will continue to pursue economic strategies characterized by openness and enhance enablers for working according to free-market mechanisms, in light of its belief that an open economy increases our national competitiveness,” a senior finance minister said.
The minister also addressed a number of concerns that were debated on during the review sessions, including the issuance of private ownership and the applicability of an investment law allowing up to 100 per cent foreign investment in different sectors.
Chair of the WTO’s Trade Policy Review Board, Irene B. K. Young, said, “The completion of the UAE’s third Trade Policy Review coincided with the 20th anniversary of the country’s accession to the World Trade Organization. This review was very interesting due to the trade and investment development policies formulated by the country.”
Like many nations around the world, the UAE suffered through the global economic crisis with a few dings and dents. These problems were only exacerbated by the downturn in oil prices. In response, the nation took a proactive approach to diversifying its economy and expanding opportunities for trade. The WTO took note of these matters in its review, praising the country for its commitment to forward thinking policies like low customs tariffs.
The WTO’s report concluded that there were a few areas that could benefit from improvement, and suggested continuing monitoring of some of the nation’s more experimental new policies. The UAE accepted the WTO’s suggestions, and vowed to remain committed to exploring the best ways to enhance its economy and expand its role in global trade through the assistance and guidance of the WTO.
