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Saturday, May 25, 2024

UAE Firmly Backs Multilateral Trade System, Says WTO Chief Economist

Ralph Ossa, the Chief Economist of the World Trade Organization (WTO), praised the United Arab Emirates (UAE) as a staunch advocate of the multilateral trading system. Speaking to the Emirates News Agency (WAM) at the World Investment Forum’s eighth edition in Abu Dhabi, Ossa emphasized the UAE’s dedication to prioritizing trade in its economic vision.

Highlighting the significance of the UAE, Ossa announced that the country would host the WTO’s 13th Ministerial Conference in the first quarter of 2024. This conference, to be held in Abu Dhabi, is considered a pivotal event in the WTO’s recent history, with the UAE taking a central role in shaping the future of global trade.

Ossa commended the UAE for its strong economic diversification strategy, which has led to it becoming one of the largest economies in the Middle East and the Gulf Cooperation Council region. He noted that the UAE’s GDP growth is projected to reach 3.4% in 2023, accelerating to 4% in 2024, outperforming the global average.

Regarding global trade growth, Ossa acknowledged challenges such as inflation, rising interest rates, and geopolitical tensions. As a result, the WTO revised its forecast for global trade growth in goods down to 0.8% in 2023, significantly lower than the initial projection of 1.7% in April. However, he remained optimistic about the future, expecting a positive resurgence in trade volume in 2024, with an estimated growth of 3.3%.

(Courtesy WAM)

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