UAE a global trade hub: Al Mansouri

ABU DHABI / Emirates Business

The World Trade Organization (WTO) commended the important role played by the UAE in global trade and its commitment to the principles of the multilateral trading system, as well as the adoption of economic policies for promoting efficient trade movement locally, regionally and internationally which have made the country an important global trade hub. The Organization concluded its third Trade Policy Review of the UAE which took place at its office in Geneva recently.
The UAE underwent the review with the active participation of a high-level delegation headed by HE Eng Sultan bin Saeed Al Mansouri, Minister of Economy, in the presence of HE Ambassador Obaid Salem Al Zaabi, Permanent Representative of the UAE to the United Nations and Other International Organizations in Geneva.
His Excellency presented the benefits and guarantees offered for foreign investments, citing the presence of more than 30 free trade zones within the country that allow 100 percent ownership in addition to many other incentives. He shared that more than 40,000 companies operate in these zones spread across the various emirates.
Al Mansouri added that full ownership is allowed for a number of international companies that provide professional and specialized services, and that a new foreign investment law will allow full or partial ownership of foreign investments in vital economic sectors that support economic diversification, experience and knowledge transfer, and innovation.
In his speech, the Minister outlined the types of commercial agencies operating in the UAE, workers’ conditions, and the insolvency law set for implementation shortly. HE also presented the strategic trading partners of the country, referring to the European Union as the UAE’s largest trading partner. He further stated that most foreign companies operating in the UAE are members of the European Union and total around 160,000 companies.
Ambassador Irene B. K. YOUNG (Hong Kong, China), the current chair of the WTO’s Trade Policy Review Body (TPRB), said: “The completion of the UAE’s third Trade Policy Review coincided with the 20th anniversary of the country’s accession to the World Trade Organization. This review was very interesting due to the trade and investment development policies formulated by the country.”
The first day of the review focused on the success of the UAE’s economic diversification policy which helped the state overcome the financial crisis that arose in 2008 as well as the drop in oil process that began in 2014.
Ambassador YOUNG mentioned the member countries’ appreciation for several facets of the UAE’s trading policy, including the commitment to low customs tariffs and the implementation of common external GCC customs tariffs that vary between zero to five percent.
She also said that a number of WTO members have questions about import requirements and procedures involving areas such as regulatory import requirements, border inspection and clearance systems, and sanitary and phytosanitary (SPS) measures.
The Ambassador added that the UAE’s Trade Policy Review will be concluded within a month from now to give the UAE delegation ample time to respond to any unanswered questions.
Ambassador YOUNG concluded that the recommended revisions will significantly contribute to the development of national trade policies and improve the investment and trade climate.
She ended her speech by thanking the UAE for providing all the required data and responding to all the inquiries made by the member countries before and during the review process.