UAE investments in wide range of sectors will have major impact on economy amid signs of trade growth
The UAE plays an “incredible role in world trade” and investments in a diverse range of sectors will impact on the national economy, according to a senior WTO official.
Johanna Hill, Deputy Director-General of the World Trade Organization (WTO), highlighted the significance of UAE investments in various sectors, including services, AI, digital services, sustainable development, and the green economy, noting that these investments will have a transformative impact on the country’s future economy.
Hill’s comments came on the sidelines of the fourth Global Trade and Supply Chain Summit, organized by Economist Impact in partnership with the New Economy Academy in Dubai,
UAE trade growth
Hill said that “the UAE is playing an incredible role in world trade”, adding that the trade agreements the United Arab Emirates has signed with various countries testify to this commitment.
She also described the UAE’s hosting of the 13th Ministerial Conference (MC13) in Abu Dhabi as a reflection of the country’s commitment to enhancing the global trade system.
Hill explained that the nation’s strategic approach would enable it to harness opportunities arising from the changes in the global trade system.
The WTO Deputy Director-General shared the WTO’s growth projections for global trade, noting that, after a 1.4 per cent decline last year, merchandise trade is expected to grow 2.6 per cent this year and 3.3 per cent in 2025.
She also highlighted that services trade grew 9 per cent last year, reflecting a positive outlook for this year and the next.
Source: https://www.arabianbusiness.com/politics-economics/uae-plays-incredible-role-in-world-trade-wto
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