Dubai to host conference on ‘new global trade order’ on Apr 22

Dubai / WAM

Dubai will be at the centre of the global trade debate this month when government ministers, senior business leaders and officials from the World Trade Organisation (WTO),
attend a major trade dialogue in the emirate.
Abdulla Al Saleh, Under-Secretary for Foreign Trade at the UAE Ministry of Economy, Suresh Prabhu, India’s Minister for Commerce and Industry, and Yonov Agah, Deputy Director-General at the WTO, will be among those speaking at the “New Global Trade Order” conference, held in partnership between DMCC and Asia House on April 22.
The conference comes as the world trade system faces unprecedented challenges with the increasing concerns related to the US-China trade relations, the WTO under pressure to deal with protectionist practices, and the outcome of Brexit still very uncertain. Alongside all of this, technology continues to disrupt how business is done around the world.
The conference aims to help policymakers and business leaders better understand and capitalise on the emerging global trade order.
Taking place in the DMCC Free Zone, the conference will see delegates give keynote speeches and take part in high-level discussions on the future of global trade, the impact of digitalisation, and how China’s Belt and Road Initiative will affect the Middle East.
Ahmed bin Sulayem, Executive Chairman of DMCC, said, “The trading system behind decades of global growth and prosperity is at a risk due to the potential trade tension between two of the world’s largest economies. According to the OECD’s latest report, the world’s 3,500 Free Trade Zones employ some 66 million people and handled $3.5 trillion worth of exports, 22 percent of the $15.5 trillion in global exports.
“The effects of increasing international trade tension could have a damaging effect on our sector. I am very much looking forward to listening to the experts give their opinion on the New Global Trade Order and providing us with insights on what countries and companies such as the UAE and DMCC can do to prepare for the future.”
Lord Green, Chairman of Asia House, said, “The global trade order is in the midst of dramatic change, with Asian economies increasing their share of world trade while the US and China exchange protectionist tariffs. Given the current challenges to free trade and the rules-based system, there has never been a more important time to have this discussion.
“The rise of Asia is of major importance to the Middle East, which has seen rapid trade growth with emerging Asian economies. Asia House, in collaboration with DMCC, is therefore delighted to be bringing this important trade dialogue to the region, and to Dubai in particular a city that is already of vital importance to global trade and one which is facing tremendous opportunities to capitalise on Asia’s economic success.”