World Trade Organization members express increased interest in UAE initiative to liberalize raw materials trade
WTO UAE Office organizes meeting with major raw material exporters at Geneva
The World Trade Organization (WTO) members expressed significant interest in a UAE initiative to liberalize the trade in raw materials during discussions on the non-agricultural products market, also simply referred to as 'NAMA'. The UAE representative Office to the WTO organized a meeting in Geneva attended by delegates from the largest countries and regions interested in raw materials as strategic commodities, including the United States, the European Union (EU), Brazil, Singapore, Canada, Australia, Switzerland, Taiwan, Saudi Arabia, Qatar, Bahrain, Kuwait, and Russia, among others.
The EU has the world's largest share of trade in items covered by the raw material sector. The EU's participation in the Geneva meeting was a clear signal of its willingness to participate in the Sectoral initiative on raw materials. This initiative was launched for the first time in May 2003 in the Doha Development Round and was widely supported by a number of WTO members; so far, 50 countries have discussed its viability. During the recent talks, participants emphasized that the UAE proposal has many advantages and economic benefits for both developing and developed countries.
The UAE in turn has expressed satisfaction with the growing interest in this initiative, especially as there are a number of other sectoral programs which are currently being negotiated under 'NAMA'. The UAE's proposal has recently been supported by countries that comprise 90 percent of the total world trade in raw materials, thus satisfying a WTO prerequisite to endorse the initiative.
“In light of the current financial crisis and the rising of commodity prices, it is necessary to focus on the liberalization of trade in raw materials, because it is the engine of the global economy,” said Mr. Obaid Saif Al Kindi, Director of the Office of the UAE at the World Trade Organization in Geneva.
On the sidelines of the meeting, Al Kindi met Dominique Trinidad, Minister Counselor of the Australian delegation, who stressed the importance of the UAE initiative for Australia, a major producer of raw materials.
It is worth noting that the UAE requested for the inclusion of the elimination of tariffs on raw materials in trade between WTO members. This is intended to open the international markets to the national export of such materials, especially primary aluminum.
