UAE announces special focus on trade at COP28

WAM

International trade is to be featured at the United Nations Climate Conference (COP28) for the first time when it convenes in the UAE in November and December.

The UAE Mission to the World Trade Organisation (WTO) made the announcement at the Committee on Trade and Environment, stating that trade will be subject to a dedicated day under the UAE’s COP28 Presidency Thematic Program – in particular its role as an enabler of climate-smart growth, including supply-chain resilience.

It has since been confirmed in a letter from Dr Sultan Al Jaber, COP28 President Designate.

Dr Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, and the COP28 Presidency will co-lead the committee on trade for COP28 alongside the WTO Secretariat.

The United Nations Conference on Trade and Development (UNCTAD), the International Chamber of Commerce (ICC), the World Economic Forum (the Forum) and the Abu Dhabi Department of Economic Development (ADDED) have also all been invited to help shape discussions on trade during the COP28 Presidency Program.

The alliance, a first in the context of a United Nations Climate Conference, has been created to promote the use of trade and investment instruments to deliver climate change mitigation and adaptation solutions.

It also seeks to ensure open, equitable access to global supply chains, which will support small- and micro-enterprise growth around the world, especially in the global south.

Dr Sultan Al Jaber, COP28 President Designate, elaborated on the importance of the initiative, saying, “International trade, as a cornerstone of economic growth, jobs, and livelihoods, is an essential tool in accelerating climate action.

It has the potential to unlock investments in emerging economies, to boost uptake of clean energy technologies, and to support green jobs and innovation.

The inclusion of trade in the COP28 thematic programme is a deliberate and targeted effort to bring more stakeholders on board in our effort to fast-track climate action.”

The COP28 Trade Day will take place on December 4 at Expo City Dubai.

More from Local

Coming Up on Dubai Eye

  • The Business Breakfast

    6:00am - 10:00am

    The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.

  • The Agenda

    10:00am - 1:00pm

    Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.