The UAE's comprehensive economic partnership agreements (Cepas) with countries around the world are opening “new pathways for green investments”, its trade minister has said, noting that global trade can hasten the adoption of climate change policies.
Investments in the energy transition and renewables are a key part of the UAE's Cepas, which aim to boost bilateral trade and investment flows, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, told a Cop28 panel on Monday.
Easing customs procedures and other barriers is also “critical” to avoid a situation in which commodities spend more time at the ports of the Emirates and its trade partners, he said.
“The consequence of this is reducing the carbon footprint from both sides,” Dr Al Zeyoudi said.
The UAE is working towards signing 26 Cepas as it seeks to attract more investment and to diversify its economy.
It has signed Cepas with India, Israel, Turkey, Indonesia, Cambodia and Georgia, each of which are designed to boost economic activity and secure vital supply chains. The first four agreements have already come into effect.
Dr Al Zeyoudi's remarks came during a day dedicated to trade talks at the UN climate summit in Dubai.
In past UN climate gatherings, trade players were almost completely absent or seen as part of the problem.
However, Cop28 in Dubai has been more inclusive, with a dedicated trade-themed day and a trade pavilion, World Trade Organisation's director general Ngozi Okonjo-Iweala said on Monday.
“We cannot get to net-zero [goals] without trade because it is indispensable for spreading low-carbon technology everywhere it is needed,” she said.
The World Trade Organisation issued a white paper during the Cop28 conference on how incorporating trade policy tools, such as the review of import tariffs on low-carbon goods, into national strategies can help economies mitigate the effects of climate change.
The WTO's policy recommendations include speeding up customs clearance and reducing greenhouse gas emissions stemming from inefficient customs procedures and road freight, according to its report.
Adopting trade facilitation measures, such as the use of electronic documentation, can help to reduce border control delays and related energy consumption, leading to emissions reductions of up to 85 per cent at certain land border crossings, according to the WTO.
The digitalisation of paper-based trade processes could also reduce waste and lower associated emissions by as much as 63 per cent per invoice.
One of the key challenges facing global trade in reducing its environmental footprint is customs delays at borders, which leads to lorries idling and consuming fuel without moving cargo, Sultan bin Sulayem, chairman and group chief executive of global ports operator DP World, said during the panel discussion.
Countries can also lower carbon emissions by using government procurement as a tool, the WTO said.
Government procurement of goods and services accounts for about 13 per cent of world gross domestic product (about $13 trillion per year). However, it is estimated to be directly or indirectly responsible for 15 per cent of greenhouse gas emissions.
Focusing on green government procurement policies can significantly reduce emissions while producing major economic benefits, such as new green jobs and enhanced energy efficiency, the WTO report said.
Countries can also revise their current import tariffs, which tend to be lower for carbon-intensive industries than clean industries, it said.
For example, key fossil fuels such as crude oil and coal face average applied tariffs of 0.8 and 1.6 per cent, respectively, in the top 10 importing markets while renewable energy equipment faces average tariffs of 3.2 per cent, with some members applying tariffs as high as 12 per cent, it said.
In the automotive sector, low-carbon vehicles exported to major markets face applied tariffs that are 1.6 to 3.9 percentage points higher than for conventional combustion vehicles.
“Import tariffs could be reviewed with a view to promoting the affordability and uptake of products such as renewable energy equipment and electric vehicles needed for the transition to a low-carbon economy,” the WTO said.
Governments can also unlock additional money to assist climate action by reforming environmentally harmful subsidies, the report said.
The WTO recommends increasing trade finance, such as trade credit and insurance/guarantees, to help support SMEs, women-led businesses and climate-related technologies.
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Global state-owned investor ranking by size
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Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
