Sultan bin Saeed Al Mansouri, Minister of Economy, on Monday inaugurated the 4th Global Trade Development Week, which runs until November 1st.

More than 100 representatives from international economic and development organisations are attending the event, which is being organised by the Ministry of Economy in partnership with the Federal Customs Authority.

The opening also attracted more than 1,000 decision makers, representatives of customs authorities from around the world, heads of international companies and transnational entities, technology solution providers, and private sector representatives in the trade and customs fields.

The inauguration was attended by Abdullah Bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, and Dr. Mukhisa Kituyi, Secretary-General of the United Nations Conference on Trade and Development, UNCTAD.

Global Trade Development Week is gaining higher importance and a bigger turnout of international institutions involved in supporting global trade liberalisation in light of challenges facing international trade movement. The event is particularly important as it provides a platform for discussions and consultations prior to the World Trade Organisation Ministerial Conference in Argentina next December.

The three-day Global Trade Development Week is being held at the Intercontinental Dubai Festival City Hotel under the theme ‘Navigating Global Trade and Reviving Global Growth Implementing TFA and Enhancing Capacity Across the Public and Private Sectors.’ Speaking on the occasion, Mr. Al Mansouri said, "This conference is vital to exploring ways to guarantee the increased flow of transnational trade and better secure and manage global supply chains. The UAE is keen to play a positive role in the facilitation of smooth trade movement. The organisation of this event under the patronage of the Ministry of Economy in collaboration with the Federal Customs Authority sends a clear message of this firm commitment. It reflects the vision of our wise leadership to adopt trade policies based on flexibility, openness, market freedom, and the removal of restrictions and barriers to the movement of goods and services."

"The UAE is committed to the multilateral trading system principles as shown by its development of a favorable legislative system for businesses and trade activities. As the first Arab nation to ratify the World Trade Organisation’s Trade Facilitation Agreement, the UAE continues to work towards the completion of the agreement’s requirements by streamlining transnational procedures and administrative systems and providing the necessary information and digital infrastructure," he added.

"Our national approach towards building a vibrant and dynamic foreign trade sector is consistent with the enablers and determinants of UAE Vision 2021 geared towards turning the UAE into a major regional and global business destination. We are optimistic about the improvement of domestic and global trade in the coming stage, especially following the enforcement of the Trade Facilitation Agreement at the start of this year," the minister concluded.