Ministry issues UAE's 2010 trade policy review

Abu Dhabi: The Trade Policies Department of the Ministry of Foreign Trade has issued the "2010 UAE Trade Policy Review", through which it monitored the UAE's trade policy status within the framework of executing the government's strategic visions, goals, and outlook that aim at achieving the highest levels of comprehensive and sustainable economic development.

The review also presents a detailed analysis of the UAE's foreign trade-related economic climate developments for the period starting from the date of the first review in 2006 [UAE 2006 WTO Trade Policy Review] up until June 2010.

The Ministry indicated that the preparation and publication of the 2010 UAE Trade Policy Review came as a voluntary effort. It said it chose to undertake out of its dedication towards instilling and strengthening transparency standards and as a result of constructive and productive cooperation with all of the country's economic entities and sectors.

The ministry said it published the review as part of its early preparation to start the procedures of the World Trade Organisation's second UAE Trade Policy Review, which the organisation will issue a report on in 2012.

The Ministry added that the release of the report now sets a precedent. It said no WTO member state has taken it upon itself to issue a voluntary report showcasing its trade policy outside of the framework of the current mechanism. It said the current mechanism conducts a trade policy review every two years for the top 4 developed WTO member states, and every 4 years for the following 16 members, and every 6 years for states with rising economies of which is the UAE.

Pillar of growth

In her introduction of the review, Shaikha Lubna Al Qasimi, Minister of Foreign Trade, said that the UAE's trade policy remains one of the pillars of the country's growth and development that has made the UAE a peer to advanced states in the field of economic development and performance. This in view of the fact that it has adopted, put in place and executed modern and effective plans and programmes to diversify its exports and international trade partners.

She said the country also encourages industrial sectors with a high added value to increase their export abilities, thus expanding and diversifying the foreign markets that are accessible to UAE exports, and increasing the volume of commercial exchange with those markets.

She added that due to the UAE's attained global economic status it came as no surprise when the WTO commended — in the first UAE Trade Policy Review in 2006 — the UAE's trade policy and highlighted the positive improvements and developments of its tools and their effectiveness in boosting economic growth.

Shaikha Lubna also pointed out that in its report, the WTO said — in what is considered as a global testament that affirms the State's outstanding commercial success: "The free and diverse economy of the UAE, coupled with the importance of trade to the State's economic performance, and its growing economic capabilities, make the UAE an important performer for the multilateral trading system". The report praised the State's economic performance, its efforts to diversify the economy and reduce reliance on oil, and its flexible commercial policy.

Juma Al Kait, the Executive Director of Foreign Trade Affairs Department, said that the contents of the review affirm the UAE's continued adoption and execution of a trade policy framework that is attuned to its regional and international obligations whilst also being in line with the visions and strategic priorities of the country's wise government to build a diverse and sustainable economy and to attain a unique global standing.