UAE outlines how trade is catalyst for growth at World Economic Forum

UAE outlines how trade is catalyst for growth at World Economic Forum

DAVOS - Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has highlighted the centrality of trade to the global economy and the importance of modernising supply chains to meet the challenges in the year ahead during his visit to the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland.

After a record year for global trade, with the total value exceeding US$32 trillion and world container shipping hitting an all-time high in August 2022, the World Trade Organisation has trimmed its forecast for trade growth to just one percent in 2023, citing increasing downside risks from inflation, consumer spending and the ongoing energy crisis.

Dr. Al Zeyoudi used his visit to engage leaders across the world to champion multilateralism and accelerate the adoption of technology to catalyse the flow of goods and ensure all nations have equal, unrestricted access to the global trading system. Citing the UAE’s own trade successes in 2022, including record exports and the first half-year to exceed AED1 trillion in the nation’s history, and the WTO’s decision to host its 13th Ministerial Conference (MC13) in Abu Dhabi in Q1 2024, Dr. Thani positioned the UAE as a gateway to the world – and a