The United Arab Emirates (UAE) has reaffirmed its dedication to fostering sustainable and inclusive global trade by contributing $10 million to three essential World Trade Organization (WTO) trust funds.
The announcement came from Sheikh Abdullah bin Zayed Al Nahyan, the UAE Minister of Foreign Affairs, on February 24, coinciding with the commencement of the 13th Ministerial Conference in Abu Dhabi.
The $10 million donation will be allocated to the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the newly established Women Exporters in the Digital Economy (WEIDE) Fund. These funds are designed to benefit developing members and the least-developed country (LDC) members, aiming to enhance fisheries sustainability, facilitate trade for LDCs, and empower women entrepreneurs in the digital economy.
Director-General of the WTO, Okonjo-Iweala, expressed deep gratitude for the UAE’s generous contribution, stating, “This timely donation not only bolsters our collective efforts towards enhancing fisheries sustainability, facilitating trade for least-developed countries, and empowering women entrepreneurs but also exemplifies the UAE’s pivotal role as the host of MC13, where such initiatives can flourish and make a tangible difference on a global scale.”
Sheikh Abdullah bin Zayed Al Nahyan, in a video message, announced the UAE’s commitment to supporting WTO funds, stating, “I am pleased to announce that the UAE is providing a $10 million grant to support WTO funds, notably the Fisheries Funding Mechanism, the Enhanced Integrated Framework, and the Women Exporters in the Digital Economy Fund which will be launched during the conference.”
The Fisheries Funding Mechanism is targeted at assisting developing and LDC members in implementing the Agreement on Fisheries Subsidies through focused technical assistance and capacity building. The EIF Trust Fund aims to empower least-developed countries, enabling them to build their capacity to participate and benefit from international trade opportunities. The newly established Women Exporters in the Digital Economy (WEIDE) Fund, set to launch on February 25, will play a pivotal role in helping women-led businesses and women entrepreneurs in developing and least-developed countries adopt digital technologies and expand their online presence.
This substantial contribution from the UAE not only highlights the country’s commitment to sustainable global trade but also underscores its influential role as the host of the 13th Ministerial Conference. The funds allocated to these initiatives are expected to make a tangible and positive impact, contributing to the advancement of fisheries sustainability, the growth of least-developed countries, and the empowerment of women in the digital economy. The UAE’s support comes at a critical juncture, emphasizing the importance of collaborative efforts in achieving a more inclusive and sustainable global trade landscape.
