Multilateralism and modernising of supply chains are critical in overcoming challenges facing global trade, which is central to the recovery and growth of the world economy this year, the UAE Minister of State for Foreign Trade said on Thursday.
Accelerating the adoption of technology to catalyse the flow of goods and ensuring all nations have equal and unrestricted access to the global trading system will help global trade fend headwinds going forward, Dr Thani Al Zeyoudi told ministers and global trade and business leaders on the sidelines of the World Economic Forum in Davos.
The global merchandise trade volume rebounded strongly in 2021, jumping 9.7 per cent amid a strong bounce back in global economy. Although the total value of trade exceeded $32 trillion and world container shipping hit an all-time high in August 2022, the overall trade growth last year is projected at 3.5 per cent as the world economy decelerated, according to the World Trade Organisation estimates.
The WTO has trimmed its forecast for trade growth to 1 per cent in 2023, citing increasing downside risks from high inflation, declining consumer spending and the continuing energy crisis.
A world divided into trading blocs will result in a 5 per cent contraction of the global economy in the long term, more than the world economy lost during the financial crisis, the director general of the WTO said in Davos on Tuesday.
Nations in emerging markets and developing countries stand to lose more with the fragmentation and decoupling of trade, Ngozi Okonjo-Iweala told the WEF during a panel discussion.
Dr Al Zeyoudi held a number of ministerial meetings to make the case for the evolution of the global trading system with the UAE at its heart, the trade ministry said on Thursday.
Citing the UAE’s trade successes in 2022, including record exports in the first half-year that exceeded Dh1 trillion ($272.5 billion), he said the Emirates is positioned as a “gateway to the world” and is a “leading voice on trade reform”.
“Amid an uncertain global economic climate, the UAE remains an open, ambitious, dynamic economy that is reaching out to the world to accelerate trade,” Dr Al Zeyoudi said.
“The centre of economic gravity is slowly shifting south and east, and we are right at the heart of this evolution.”
In the first half of last year, the Middle East recorded 74 per cent trade growth, the highest year-on-year expansion in the world. The foreign trade agenda of the UAE, the second-largest Arab economy, can build on that success and further facilitate global trade, the minister said.
“We want to be the bridge to the private sector, driving new trade deals, partnerships, FDI [foreign direct investment], and talent migration, and helping to connect the world’s fastest-growing economies,” Dr Al Zeyoudi said.
“At a time when many worry about deglobalisation, we are looking to drive global economic expansion — to the benefit of us all.”
Dr Al Zeyoudi shared the UAE's global trade agenda in ministerial meetings with Yulia Svyrydenko, First Deputy Prime Minister, Minister of Economy of Ukraine; and Pan Sorasak, Minister of Commerce for Cambodia, the two nations that are currently negotiating Comprehensive Economic Partnership Agreements with the UAE.
He also met with the Czech Republic’s minister for industry and trade Jozef Sikela, Alfredo Pascual, secretary of trade for the Philippines, Belgian Foreign, European and Trade Minister Hadja Lahbib, and Morocco’s Minister of Industry and Trade Ryad Mezzour.
Dr Al Zeyoudi also held talks with Rebeca Grynspan, Secretary General of the United Nations Conference on Trade and Development, which will hold its eighth World Investment Forum in Abu Dhabi in October.
He also met with business leaders from the private equity, ICT, advanced technologies and AI, pharmaceuticals and financial service sectors.
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
THREE
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
