UAE SUCCEEDS IN REDUCING IMPACT OF GLOBAL ECONOMICS

UAE Succeeds in Reducing Impact of Global Economic Crisis: Lubna

DUBAI - Shaikha Lubna Al Qasimi, UAE Minister of Foreign Trade, said the country has successfully managed to limit the impact of the harshest phase of downturn and has achieved a remarkable economic performance. The minister was addressing the Seventh Session of World Trade Organisation Ministerial Conference in Geneva. The UAE minister said that “we have achieved our economic targets without resorting to any protective measures amid continuing global financial downturn.”“We reiterate the Call of the WTO to devise and announce exit strategies to remove trade restrictions and production subsidies that some members have introduced temporarily to counteract the effects of the crisis, and start implementing those strategies as soon as domestic economic recovery takes hold,” Shaikha Lubna affirmed.“Conscious of recent developments in the global economy, the UAE has successfully managed to limit the impact of the harshest phase of the downturn and has succeeded in achieving a remarkable economic performance without recourse to any protectionist measures. By doing so, the UAE strongly affirms its attachment to a fair multilateral trading system. Nonetheless, in the Short run and in concert with GCC countries, the UAE has already signed a series of Free Trade Agreements, and with more still being negotiated since we believe that these agreements can serve as important “stepping-stone” to progress at the WTO and such will lead to freer multilateral trade in the medium-term,” she added. “In order to move the trade system ahead, we need to seriously accelerate the pace and ensure that meaningful negotiations emerge, and real exchanges among members, so as to speed up not only global economic recovery but also a successful outcome of the Doha Agenda negotiations. The WTO Ministerial Conference provides a platform for sending a number of strong signals to the world and for delivering an emphatic message beyond these walls to uplift people’s faith in an Open international trading system and a peaceful world” the UAE minister pointed out.She added by saying: “Kant, one of the greatest philosophers of enlightenment, indicated unambiguously in his work on Perpetual Peace among nations that trade brings about peace and that peace will be maintained through trade. On this note, we Call for more Support for the efforts of Developing and Less Developed Countries to address the economic slowdown and to facilitate in the meantime WTO accession to such countries, with special reference to Arabic countries who have voiced their concerns on this issue.” Shaikha Lubna, participated as the head of the UAE delegation in the Seventh Session of the WTO Ministerial Conference in Geneva, which began on November 30, 2009.The delegation included Juma Al Keit, Executive Director for Foreign Trade Affairs, Obeid Al Kindi, UAE Representative at World Trade Organisation in Geneva, Sultan Darweesh, Director of Negotiations and Trade Agreements, Ministry of Foreign Trade, Economist Mohammed Al Imam and a number 
of officials. She also chaired the Ministerial Consultative Meeting of the Organisation of Islamic Conference, which was held before the WTO Ministerial Conference, with the participation of a number of trade ministers and heads of delegations of member states.