ABU DHABI: Ahmed bin Ali Al Sayegh, Minister of State, participated in a high-level discussion panel at the 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO), currently taking place in Abu Dhabi.
The session, which addressed how trade can positively impact sustainable development, was chaired by Luc Magloire Mbarga Atangana, Minister of Trade of Cameroon and Vice Chair of the 13th Ministerial Conference.
The UAE was represented by Al Sayegh before the Trade and Sustainable Development Panel, which focused on how the international trading system can minimise the negative effects of trade across economic, social and environmental spheres.
In this regard, Al Sayegh stated, ‘Developing countries cannot follow the same industrial policies of the past, disregarding the negative environmental and social impacts of development. The industrial growth of today represents the greatest challenge since the Industrial Revolution, which requires implementing policies that avoid repeating the errors
of past centuries.’
He highlighted that the Marrakesh Agreement, which founded the WTO, underscores the importance of conducting trade in a manner that optimises resources for sustainable development, while safeguarding the environment.
Al Sayegh added, ‘The industrial polices set out by Developed nations more than a hundred years ago, led to these countries achieving economic success in the present day. However, we must acknowledge that the industrial policy of previous generations proved to be unsustainable. In the 21st century, industrial policy will become more complex than ever, which requires adapting a more sophisticated and efficient approach.’
He also stated, ‘Developing countries need to strengthen industries, and devise particular strategies to achieve economic goals by learning the lessons of the past and building upon them.’
Al Sayegh urged all members to advance collective efforts within the Committee on Trade and Environment and apply existing mechanisms to enhance the sustainability of tra
de. He emphasised that trade should maximise resources in line with Sustainable Development Goals while protecting and preserving the environment. In this regard, he affirmed the UAE’s steadfast support for the Agreement on Fisheries Subsidies, and expressed hope for its ratification by a wide number of members to ensure full and effective implementation.
During the discussion panel, ministers addressed ways in which the WTO can further enhance trade and the regulations of industrial subsidies, aiming to drive sustainable development and ensure equitable opportunities, while responding to challenges such as climate change and youth employment.
Source: Emirates News Agency
