UAE calls for "balanced deal" at WTO meeting as divisions grow among delegations

UAE Minister of Economy Sultan bin Saeed Al Mansouri has affirmed that the UAE as part of the world’s developing countries believes in the multilateral trading system, and that focus on the development dimension will boost ambitions of reaching a balanced deal that serves the interests of the developed, the developing and least developed countries alike.

Al Mansouri delivered a speech at a plenary session of the 9^th WTO Ministerial Conference, or the MC9, which is being held in Bali, before ministers and heads of 159 member states, in which he said that there is an urgent need for a very global community, more than ever, to maintain the rules of the global trading system that has served the international community during the financial crisis.

He emphasised that the UAE will work with everyone in a constructive manner to reach a successful transaction and results of interest to all the member states of the organisation to advance the way for future completion of the Doha Round.

Al Mansouri, who led the UAE delegation to the meetings of the WTO Ministerial Conference, was accompanied by Ahmed Abdullah Al Musalli, UAE Ambassador to the Republic of Indonesia, Abdullah Ahmed Al Saleh, Under-Secretary of the UAE Ministry of Economy and Juma Mohammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy.

The Minister of Economy added that the draft Trade Facilitation Agreement, which is on the negotiating table at the Bali conference, will provide the global economy with more than a trillion dollars annually, and the total cost of trade will reduce to 10 per cent annually, which will positively affect small and medium enterprises.

He stressed the importance of speeding up and facilitating the process of accession of countries, which are seeking to acquire membership of the organisation, especially developing countries, noting that there are a large number of Arab countries that seek to achieve that.

Al Mansouri shed light on the progress made by the UAE in the economic field and he said that the UAE as a young nation focused on the development of international trade, as the percentage of growth during the years 2010 and 2012 reached about 15 per cent after overcoming the global financial crisis.

He added that the UAE ranked at 19^th position in its competition on a global level and topped the rankings in the Middle East and North Africa regarding terms of facilitating business.