Focus on the BIG picture.
Friday, Dec 27, 2024
Outside the box.
WTO’s Ministerial Conference in Abu Dhabi to address decentralization of global supply chains
Abu Dhabi is preparing to host the upcoming World Trade Organization (WTO) Ministerial Conference, where leaders will discuss transforming international trade practices.
WTO Director-General Ngozi Okonjo-Iweala emphasized the significance of these talks taking place between February 26 and 29, as reported by the Emirates News Agency in Geneva.
Key issues on the agenda include diversifying global supply chains to include marginalized communities and promoting inclusive trade growth.
Okonjo-Iweala noted the trend among investors to explore manufacturing locations outside of China, citing the "China+1" strategy that now involves countries such as Vietnam, Indonesia, and India, and suggesting that investment opportunities extend to nations like Morocco, Brazil, Senegal, and Bangladesh.
This shift towards decentralizing supply chains is seen as an opportunity to boost employment and foster resilience in developing countries. Okonjo-Iweala cited the numerous benefits of investing in these regions, including strengthening supply chains, reducing inequality, and generating employment.
The WTO Director-General expressed appreciation for the UAE's dedication to global cooperation as it prepares to host over 7,000 participants in this 13th Ministerial Conference (MC13).
The conference's broad-ranging agenda covers topics like trade and the environment, climate change, and inclusive policies, aiming to confront the challenges faced by disadvantaged groups.
Furthermore, MC13 marks the admission of new WTO members Timor-Leste and Comoros after eight years, with discussions also set to tackle reforming the dispute settlement system and formulating agreements on digital trade, fisheries subsidies, among others.
The conference is positioned as a critical forum for spearheading sustainable trade initiatives in the face of global economic and environmental challenges.
Key issues on the agenda include diversifying global supply chains to include marginalized communities and promoting inclusive trade growth.
Okonjo-Iweala noted the trend among investors to explore manufacturing locations outside of China, citing the "China+1" strategy that now involves countries such as Vietnam, Indonesia, and India, and suggesting that investment opportunities extend to nations like Morocco, Brazil, Senegal, and Bangladesh.
This shift towards decentralizing supply chains is seen as an opportunity to boost employment and foster resilience in developing countries. Okonjo-Iweala cited the numerous benefits of investing in these regions, including strengthening supply chains, reducing inequality, and generating employment.
The WTO Director-General expressed appreciation for the UAE's dedication to global cooperation as it prepares to host over 7,000 participants in this 13th Ministerial Conference (MC13).
The conference's broad-ranging agenda covers topics like trade and the environment, climate change, and inclusive policies, aiming to confront the challenges faced by disadvantaged groups.
Furthermore, MC13 marks the admission of new WTO members Timor-Leste and Comoros after eight years, with discussions also set to tackle reforming the dispute settlement system and formulating agreements on digital trade, fisheries subsidies, among others.
The conference is positioned as a critical forum for spearheading sustainable trade initiatives in the face of global economic and environmental challenges.
