H.E. Engr. Sultan bin Saeed Al Mansoori, UAE Minister of Economiy, inaugurated the Fourth Global Trade Advancement Week, hosted by the UAE up until November 1, 2017. The event is arranged by the Ministry of Economy in partnership with the Federal Customs Authority.

The inauguration was attended to by H.E. Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economic Climate for Foreign Trade and Industry, and H.E. Dr. Mukhisa Kituyi, Secretary-General of the United Nations Meeting on Trade and Development (UNCTAD).

More than 100 representatives from worldwide financial and advancement organizations participated in the event in the presence of more than 1,000 choice makers, agents of custom-mades authorities from around the world, heads of worldwide companies and transnational entities, technology remedy companies, and economic sector reps in the trade and customizeds field.

Global Trade Development Week is acquiring higher value and a larger yield of global establishments involved in sustaining global trade liberalization in light of challenges dealing with worldwide trade movement. The event is especially essential as it supplies a platform for discussions and assessments prior to the World Trade Organization Ministerial Seminar in Argentina next December.

The three-day Global Trade Development Week is being held at the Intercontinental Dubai Festival City Hotel under the theme 'Navigating Global Trade & Reviving Global Development Applying TFA and Enhancing Capacity Across the general public & Private Sectors.'

H.E. Engr. Al Mansoori said: "This conference is vital to exploring means to ensure the boosted circulation of transnational trade and far better secure and handle global supply chains. The UAE is keen to play a favorable role in the facilitation of smooth trade activity. The company of this occasion under the patronage of the Ministry of Economic climate in partnership with the Federal Customs Authority sends out a clear message of this company dedication. It reflects the vision of our sensible management to take on trade plans based upon versatility, openness, market flexibility, and the removal of constraints and obstacles to the movement of goods and services."

" The UAE is committed to the multilateral trading system concepts as revealed by its development of a beneficial legal system for services and trade activities. As the first Arab nation to validate the World Trade Company's Trade Assistance Arrangement, the UAE remains to work in the direction of the completion of the arrangement's demands by improving global procedures and administrative systems and offering the needed information and digital infrastructure," H.E. included.

" Our national approach in the direction of constructing a vivid and vibrant foreign trade market follows the enablers and factors of UAE Vision 2021 tailored towards transforming the UAE into a significant regional and global business destination. We are confident about the improvement of domestic and global trade in the coming phase, particularly adhering to the enforcement of the Trade Assistance Arrangement at the start of this year," H.E. said

Stimulating global demand and supporting E-commerce

Throughout the opening session, H.E. Dr. Mukhisa Kituyi, Secretary-General of UNCTAD, said that UNCTAD relies greatly on boosting innovation and establishing concepts and efforts supportive of trade facilitation. He required even more efforts to stimulate global demand within the framework of fair globalization which would benefit all individuals in creating nations and poor neighborhoods. H.E. Kituyi additionally explained to the relevance of focusing on the risks posed by political instability on cross-border trade and the need to work to make certain more trade facilitation accompanied with warranties for promoting helping with investments due to the strong straight relationship in between them.

The Secretary General better called for more support for ecommerce, especially in raising the understanding and self-confidence of people in it, and putting suitable structures and criteria in position to motivate individuals to proactively take part in this industry.

Reducing trade costs

In a videotaped message, H.E. Gurra said thanks to the UAE for inviting him to talk and mentioned the proceeded global economic downturn and the failure to accomplish the needed healing. He highlighted the value of concentrating on lowering trade costs and boosting flow, as well as supporting and motivating SMEs. H.E. likewise praised the signing of the WTO Trade Facilitation Arrangement. H.E. Gurran even more highlighted the importance of attaining stronger global trade streams in food, manufactured goods, and services.

Trade Map

On the sidelines of Global Trade Development Week, H.E. Engr. Al Mansoori released the 'Trade Map' developing part of the Ministry of Economic climate's electronic and smart solutions. The Trade Map provides local, government and government entities in the UAE with numbers on the country's non-oil trade with the world. It could present info by location (continent, region, state, group of countries), category and type of trade, as well as in terms of goods inning accordance with areas and phases of the Harmonized System.

The map also evaluates the implications of international trade, consisting of the top trade companions for a certain year in terms of value, growth rate, and leading commodities.

Leaders Forum

The agenda of the initial day consisted of the World Trade Leaders Forum went to by several decision makers, authorities and reps of international financial institutions who reviewed famous current patterns, expectations and efforts in sustaining and liberalizing global trade.

Regional Seminar
On the sidelines of the very first day of Global Trade Growth Week, a seminar funded by the Islamic Development Bank was held under the title 'Eleventh WTO Ministerial Meeting ... Regional Vision.' The session was participated in by 12 agents from Arab and Islamic countries together with establishments and federal and local authorities from the UAE. It coordinated the joint placements of the Arab and Islamic nations in connection with the 11th WTO Ministerial Conference which will be hosted by Argentina from December 11 to 14, 2017. The seminar gave a possibility to exchange sights and adopt a particular negotiation method to earn one of the most from any kind of agreement in the upcoming Conference and prevent adverse repercussions on Member States.

H.E. Juma Mohammed Al Kait, the UAE Ministry of Economy's Assistant Undersecretary for Foreign Trade Matters, emphasized the significance of the seminar in tackling key discussion motifs; coordinating positions and exchanging sights on farming, sell services, and shopping in between nations; and resolving existing structures in WTO settlements.

Meetings and Discussions
Ayesha Alkobaisi, the Ministry's Director of International Trade, Organizations Market Trade and Industry, stressed that the Seminar will witness three days of substantial discussions performed via a series of key discussion forums for preachers and federal government leaders. The event will include a Ministers and Trade Leaders Summit; a Customs, Compliance & Trade Facilitation Summit; a Financing Global Trade Summit; and a Trade Technologies & Trade Services Exhibition featuring 41 exhibitors from major international companies There will certainly additionally be a number of workshops and closed and public meetings and discussions with the participation of presidents of significant investment companies and major establishments such as Airbus, Microsoft, Shell, Louis, Louis Vuitton, Huawei Technologies, and Citibank.