Al Mansouri opens major trade event

The three-day event brings together 600 influential business and government leaders from over 90 countries to discuss how to tackle today’s most challenging trade and development issues.

By Staff Report

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Published: Tue 28 Oct 2014, 11:16 AM

Last updated: Tue 7 Apr 2015, 10:44 PM

Dubai: Calling for action to facilitate the growth of international trade across borders, the UAE Minister of Economy, Sultan bin Saeed Al Mansouri, on Monday opened the Global Trade Development Week at Jumeirah Emirates Towers in Dubai.

The three-day event brings together 600 influential business and government leaders from over 90 countries to discuss how to tackle today’s most challenging trade and development issues.

“The Global Trade Development Week has grown to be a major international forum committed to increasing knowledge, capabilities and dialogue between government and private sector trade leaders. We here in the UAE are proud to have been part of the growth of this commendable event,” Al Mansouri said.

Speaking on the potential of the global trading system, the minister called for the removal of barriers to trade. “We all agree that trade is a vital engine of economic growth that creates quality jobs. However we need to remove barriers to trade that hamper economic growth, whilst at the same time facilitate trade at borders, which needs both domestic reform and international cooperation and the world is looking forward to move ahead in the implementation of the new Trade Facilitation Agreement in WTO,” he said. The minister also used his speech to reflect on the UAE’s continuing economic success. “The UAE’s sound economic infrastructure and business-friendly environment make our country an ideal partner for the world commercial interests. Our trade and investments are spread out and well distributed as we interact with 220 markets worldwide. This has given the UAE considerable economic resilience, helped minimise the impact of regional instability on our economy, and enabled us to continue with the development of our country,” he said.

Al Mansouri added: “The macroeconomic outlook is positive. Economic growth is expected at 4.8 per cent in 2014 and about 4.5 per cent in coming years, supported by a number of mega projects announced over the past 18 months and the successful bid for the World Expo 2020. The GDP in 2013 was $402 billion. The value of foreign direct investments stock in the UAE by the end of 2013 reached $105.5 billion, while the value of UAE investments abroad by the end of 2013 amounted to $63 billion.”

Ayesha Al Kobaisi, director of International Trade Organisations Department and the Project Manager for Global Trade Development Week from the Ministry of Economy, said: “This forum presents an interactive platform for government, business, academic and industry thought leaders to collaborate discuss and share best practice. Global Trade Development Week’s ambitious programme creates bilateral, regional and multilateral dialogue between governments and the private sector.”

business@khaleejtimes.com



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