Day: February 24, 2024

ABU DHABI: The Steering Committee of the Abu Dhabi Session of the Parliamentary Conference on the World Trade Organisation (PCWTO) held its 53rd session today at the Abu Dhabi Exhibition Centre (ADNEC), in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Chairman of the 13th WTO Ministerial Conference (MC13).

Sessions of the Parliamentary Conference are held annually and in connection with WTO Ministerial Conferences.

In partnership with the Inter-Parliamentary Union (IPU) and the European Parliament (EP), the Federal National Council (FNC) will host on 25th February the Abu Dhabi Session of the Parliamentary Conference on the World Trade Organisation (PCWTO) at ADNEC.

The Conference brings together legislators who, as members of standing and select committees in their respective parliaments, specialise in international trade and finance. The principal objective of the Conference is to mobilise parliamentary action in support of the promotion of global trade that is
beneficial for all.

Dr. Al Zeyoudi welcomed members of the Steering Committee, stressing the importance of the role of parliamentary institutions, in accordance with their legislative jurisdiction, in supporting the work of governments in implementing the decisions of the ministerial conference and promoting international cooperation, partnerships and trade agreements to broader horizons that benefit the peoples of the world.

The participants in the meeting appreciated the UAE’s efforts in hosting the conference and the support it provides at the global level to promote global trade partnerships.

Marwan Obeid Al Muhairi, member of the Steering Committee, and Rapporteur of the PCWTO, chaired the meeting which was also attended by Martin Chungong, Secretary General of the Inter-Parliamentary Union (IPU); Bernd Lange, Chair of the Committee on International Trade, European Parliament, co-Chair of the Parliamentary Conference on the WTO; representatives of international organisations and states and members of
the committee.

The meeting discussed the outcome document of PCWTO.

Source: Emirates News Agency

ABU DHABI: The World Trade Organisation’s (WTO) 13th Ministerial Conference (MC13) in Abu Dhabi is an opportunity to uphold the rules-based global order, according to Hadja Lahbib, Belgium’s Minister for Foreign Affairs, Foreign Trade, and the Federal Cultural Institutions.

‘Given the geopolitical and geoeconomics challenges we are all facing, it is more important than ever to send out a strong and positive message that a rules-based global order still works,’ she told the Emirates News Agency (WAM) in an email interview from Brussels.

MC13 in UAE’s good hands

The UAE will host MC13 from 26th to 29th February 2024 in Abu Dhabi, after successfully organising COP28, the UN Climate Conference in Dubai in December 2023.

Around 164 nations and trading blocs will participate in the Ministerial Conference, the WTO’s top decision-making body, which meets usually every two years.

The Belgian Minister said, ‘We are looking forward to working together with the UAE Chair during the Conference and believe we are in g
ood hands to deliver ambitious outcomes at the MC13.’

The Conference is, of course, a perfect opportunity to further strengthen Belgium’s ties with the UAE and the region, and work together for a stronger rules-based international trading system, she stressed.

As open economies, both the UAE and Belgium have a great interest in cooperating at the bilateral and multilateral levels, Lahbib emphasised.

Belgium coordinates EU position

MC13 is taking place during the six months that Belgium holds the rotating Presidency of the Council of the European Union, the minister pointed out.

‘This implies that we will be coordinating the EU’s position among the 27 Member States, and with the European Commission which is negotiating in name of the EU and its Member States.’

The EU’s main political priority is to re-establish a fully and well-functioning Dispute Settlement Body, she said. Any outcome should include the possibility for an appeal procedure, Lahbib added.

Other important priorities are the extension of t
he e-commerce moratorium as well as an ambitious agreement regarding fisheries subsidies, building on what was achieved at MC12, Lahbib explained.

Welcoming new members, WTO reforms

‘We welcome the accession of the Comoros and Timor-Leste. This shows the continuing appeal and staying power of the WTO as a multilateral organisation,’ the Belgian minister said.

Strengthening the multilateral system, with the WTO at its core, will allow it to function as a guardrail against an increasingly fragmented economic order, she affirmed.

At MC12, Lahbib noted, members took already some initial steps towards reform of the WTO. ‘We are committed to continue this reform process at MC13 and look ahead towards MC14.’

In this context, she explained, the EU has proposed to enhance the deliberative function of the WTO by creating a platform within the WTO framework to discuss 21st century challenges.

The EU proposal focuses on trade and industrial policy, trade and environment, and trade and inclusiveness, the minister ad
ded.

Source: Emirates News Agency

ABU DHABI: The relationship between the United Arab Emirates and Kuwait is an exceptional example of two countries eager to enhance cooperation across various fields, including the financial sector.

They are bound by several agreements and Memoranda of Understanding (MoUs) that contribute to increasing the volume of investments and trade exchange to higher levels. The latest of these agreements was signed by the finance ministries of both countries during the World Governments Summit 2024.

The agreements cover the avoidance of double taxation on income and capital and the prevention of tax evasion and avoidance, which are part of the journey towards economic and financial integration and the free movement of capital between the two countries.

Among the most prominent MoUs in the financial field is the cooperation agreement between the Securities and Commodities Authority of the two countries. Additionally, a tripartite cooperation agreement in the field of securities was signed in February 2022 between the
Abu Dhabi Securities Exchange (ADX), the Kuwait Stock Exchange (KSE), and the Kuwait Clearing Company (KCC).

Statistics from the UAE’s Securities and Commodities Authority indicate that the total number of Kuwaiti shareholders in publicly traded companies allowed for GCC citizens increased from 3 individuals in 2000 to 40,979 individuals in 2022.

Furthermore, data compiled by the Federal Competitiveness and Statistics Centre show that the cumulative number of licenses granted to Kuwaiti nationals amounted to 5,745 licences in 2022 out of 30,508 licences for economic activities in the country allocated to GCC citizens, with an increase of 302 licences in the year 2021-2022.

In line with both countries’ efforts to promote innovation as a work approach, the UAE Ministry of Finance signed a memorandum of understanding in April 2017 with the Sabah Al-Ahmad Centre for Giftedness and Creativity, located in Kuwait, to enhance cooperation with the Ministry.

The aim is to establish an environment conducive to innov
ation in various fields and enable employees to practice and use innovative methods in institutional work through developing projects and achieving economic partnerships with relevant entities in the field of innovation at local and international levels.

To enhance effective corporate governance practices for listed companies in Kuwait and raise awareness of their importance among these companies and all state institutions, the “Governance Institute” for Corporate Governance, affiliated with the Dubai International Financial Centre Authority (DIFCA) and the Kuwait Capital Markets Authority signed a cooperation memorandum in October 2019.

An MoU was signed in September 2021 to stimulate investment and enhance cooperation between the Kuwait Direct Investment Promotion Authority, the Abu Dhabi Department of Economic Development (ADDED) and the Abu Dhabi Investment Office (ADIO), which also signed an agreement in February 2022 with the COFE App to benefit from the Abu Dhabi Investment Office’s innovation progra
m and establish a headquarters for the COFE App in Abu Dhabi city.

Since the signing of the agreement to establish the “Joint Committee” for bilateral cooperation in 2006 in Kuwait City, the two countries have taken steps that have contributed to strengthening bilateral relations between the UAE and Kuwait and propelling them towards broader horizons of cooperation and coordination.

According to the UAE embassy in Kuwait, the investments flowing from the UAE to Kuwait amounted to about $837.8 million (3.07 billion dirhams) during the period from 2016-2020, while the value of Kuwaiti investments flowing to the UAE reached $1.745 billion (6.4 billion dirhams).

Financial and insurance activities are the most significant sectors of Kuwaiti investment in the UAE, whereas the financial and banking sector is one of the most important sectors of UAE investment in Kuwait. The UAE also hosts two branches of Kuwaiti commercial banks out of seven Gulf banks permitted to operate in the UAE.

The trade between the UAE a
nd Kuwait in the first half of 2023 reached AED22.3 billion, while statistics compiled by the Federal Authority for Identity, Citizenship, Customs, and Port Security indicate that the total trade exchange between the UAE and Kuwait amounted to AED44.8 billion during 2023, and AED44.1 billion during 2022, a growth of 15% compared to 2021.

Source: Emirates News Agency