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UAE backs export diversification drive

UAE Minister of Economy and Commerce Shaikh Fahim bin Sultan Al Qasimi called for drawing an action plan for negotiations on penetration of non-agricultural products to markets. No agreement on this controversial issue has yet been reached by the WTO. "Negotiations on services are progressing satisfactorily and theUAE gives top priority to this sector as one of the most important pillarsof national economic policy," Shaikh Fahim told the fifth WTO Ministerial conference being held in Mexico. He emphasised "The UAE is handling applications forwarded to it in this respect seriously and hopes to submit initial offers as soon as possible."We aspire that negotiators would come up with an agreementthat balances between the need for trade liberalisation and the importance of finding practical mechanisms to put policies into action," he said. "Although there are divergent views among WTO members over preferential and special treatment of the developing nations, the UAE sees there is a need for practical solutions to the issue- a move that will have positive impact on other tracks of negotiations," he said. He said that fair settlements of trade outstanding issues would not only open up new opportunities but will also bring them closer.

"We hope the Cancun summit would take firm steps towards materialising development goals stated in the Doha declaration," he said. He also urged WTO members to clear obstacles hindering admission ofArab potential members.