ABU DHABI – The UAE staunchly supports the multilateral trading system, said Ralph Ossa, Chief Economist at the World Trade Organization (WTO).
Speaking on the sidelines of the eighth edition of the World Investment Forum in Abu Dhabi, Ossa emphasized that the UAE prioritizes trade in its economic vision, recognizing its pivotal role in driving growth and prosperity.
He highlighted that the UAE is set to host the WTO’s 13th Ministerial Conference in the first quarter of 2024 in Abu Dhabi. This event will position the UAE at the epicenter of discussions shaping global trade’s future. Ossa underscored that this conference ranks among the most significant events in the WTO’s recent history.
Ossa remarked that, thanks to its economic diversification strategy, the UAE stands as one of the most prominent economies in the Middle East and the Gulf Cooperation Council countries. The nation’s shift towards tourism, commercial services, and logistics aligns with its vision to cultivate an economy less reliant on oil.
He further noted, “According to the International Monetary Fund, the UAE’s GDP is projected to grow by 3.4 percent in 2023, accelerating to 4 percent in 2024. This growth rate is anticipated to consistently outpace the global average.”
For the first half of this year, Ossa pointed out that UAE merchandise exports surged by 9.8 percent in volume compared to the same period in 2022. Meanwhile, merchandise imports saw a 16.7 percent volume increase year-on-year.
Addressing a query about global trade growth expectations, Ralph Ossa conveyed that this year’s global trade growth will likely underperform due to inflation, escalating interest rates, and geopolitical tensions. These challenges prompted the organization to slash its global trade in goods growth forecast to a mere 0.8 percent for 2023, significantly down from the 1.7 percent predicted in April.
However, Ossa remained optimistic about 2024, stating, “Our projections indicate a 3.3 percent growth in the volume of trade in goods. We maintain a brighter outlook for next year, anticipating a resurgence in positive growth for both exports and imports.”