RIYADH: International buying and selling system accessibility, mental property, and dispute settlement take heart stage because the thirteenth World Commerce Group Ministerial Convention commenced in Abu Dhabi.
The four-day occasion, beginning on Feb. 26, will tackle these points inside the WTO, that includes the participation of commerce ministers and senior officers from world wide, the Saudi Press Company reported.
The occasion will carry collectively 175 member states, personal sector leaders, nongovernmental organizations, and civil society representatives.
The purpose is to collaborate on advancing a extra environment friendly, sustainable, and inclusive buying and selling system whereas enhancing the effectiveness of commerce insurance policies and applications.
Members on this convention version intention to construct upon the achievements of the earlier ministerial convention held in Geneva in June 2022. The occasion witnessed accomplishments in supporting fisheries, meals safety, and e-commerce, the SPA report added.
Talking on behalf of the Saudi authorities, Commerce Minister Majid Al-Qasabi started his video tackle by stating that the occasion gives a pivotal alternative to mark the WTO’s thirtieth anniversary.
“All of us sit up for working with you to realize profitable outcomes of the MC 13. Such outcomes would assist restoring belief within the multilateral buying and selling system, that’s dealing with vital challenges and headwinds, confirming the important function of the WTO, and reiterating the worldwide commerce agenda,” he mentioned.
Al-Qasabi warmly welcomed Comoros and Timor-Leste as new members of the WTO, reaffirming the dedication to accelerating the remaining accession.
He additionally introduced the Kingdom’s approval of the Settlement on Fisheries Subsidies, noting the WTO’s contribution to the financial progress and growth of its members.
The minister emphasised the significance for the Kingdom to realize constructive and significant outcomes in Abu Dhabi and past.
He concluded by reaffirming Saudi Arabia’s dedication to working constructively with all members to make sure the success of the thirteenth ministerial convention and past.
Established in 1995, the WTO serves as the worldwide authority governing worldwide commerce laws. Its biennial ministerial convention acts because the paramount decision-making platform, bringing collectively ministers and senior officers from all member nations to evaluate, revise, and improve the treaties shaping the worldwide commerce framework.
Forward of the occasion, WTO Director Normal Ngozi Okonjo-Iweala unveiled a $50 million initiative geared toward empowering feminine entrepreneurs in creating international locations.
The brand new fund appears to be like to unlock the ability of the digital financial system, serving to girls exporters overcome financing hurdles and seize untapped alternatives.
“This initiative embodies our collective dedication to empowering girls,” Okonjo-Iweala mentioned, including that it’s a essential step towards addressing the financing hole confronted by girls entrepreneurs, who’re “key drivers of financial progress and growth.”
In the meantime, Thani bin Ahmed Al-Zeyoudi, the UAE’s minister of state for international commerce and chair of the thirteenth WTO Ministerial Convention 2024, introduced that the nation allotted $5 million to the $50 million fund.
Abdullah bin Zayed Al-Nahyan, the UAE’s minister of international affairs, earlier introduced that the Gulf nation will present a $10 million grant to assist a number of key initiatives of the WTO.
He added that the grant can be allotted to the Fisheries Funding Mechanism, the Enhanced Built-in Framework, and the WEIDE fund that shall be launched through the occasion.
