(Geneva) – The United Arab Emirates (UAE) plays an important role in the multilateral trading system and has taken bold steps to diversify the economy away from oil and gas, according to the World Trade Organisation (WTO).
The WTO says that its second Trade Policy Review of the UAE has given it a much better understanding of the recent developments in the UAE’s trade and trade-related policies and practices, together with the future challenges that it faces. Members of the WTO praised the UAE for its attempt to transform the economy into one that is knowledge-based, highly productive, and competitive.
The WTO encouraged the UAE to continue in its reforms, stressing that a key challenge is to expand foreign participation in investment projects outside free trade zones.
