ShareABU DHABI: Kuwait’s Minister of Finance and Minister of State for Economic Affairs and Investment Dr. Anwar Al-Mudhaf and a delegation accompanying him took part in a joint ministerial meeting in Abu Dhabi between the GCC and the UK to discuss a free trade agreement between the two parties. Kuwait’s Ministry of Finance said on Tuesday in a statement to KUNA that the meeting discussed the agreement thoroughly as well as a roadmap for fulfilling the free trade agreement’s requirements between the GCC and the UK which benefits mutual interests. It added that the meeting was attended by GCC Secretary-General Jasem Al-Budaiwi and UK’s Secretary of State for Business and Trade Kemi Badenoch as well as GCC ministers concerned with the free trade negotiations.
Enhancing trading systems
In another development, Kuwait’s Minister of Commerce and Industry, Abdullah Al-Jouan, said that the 13th Ministerial Conference of the World Trade Organization (WTO), MC13, was an important opportunity to enhance the trading systems. Minister Al-Jouan said that the conference, hosted by the United Arab Emirates, was an important opportunity to enhance the ability of the multilateral trading system to respond to challenges and crises the world has witnessed in recent years.
He stated to KUNA after the conference, which began today and will continue until March 29, that Kuwait was committed to the multilateral trading system and was ready to work constructively with all member states for a successful conference. Al-Jouan called on member states to enhance participation in a manner consistent with the provisions of the World Trade Organization for the sustainability of food security and the flow of global supply chains.
Al-Jouan pointed to the role of the private sector of member states in increasing inclusive and sustainable economic growth, which was as important as the role of the governments, by intensifying its efforts to achieve a more inclusive and sustainable trading system. He added that he hoped that member countries would develop key features to provide valuable exports and create an innovative business environment for sustainability, emerging companies, and entrepreneurship, which would result in more innovations and increase intraregional exports.
The conference includes 175 delegations from OIC and observer members, private sector leaders, NGOs, and civil society representatives, which would provide the international community with the opportunity to cooperate towards a more efficient, sustainable, and inclusive trading system. Representing Kuwait in Arab Commerce Ministers preparatory meeting is Undersecretary of Ministry of Commerce and Industry, Ziad Al-Najem, ahead of the 13th World Trade Organization (WTO) conference in Abu Dhabi. Al-Najem spoke on some of the topics discussed including the importance of maintaining food security and preventing restrictions on food products, according to a statement from the Ministry of Commerce and Industry.
He emphasized his gratitude to Saudi Arabia for holding the preparatory meeting and the UAE for hosting the WTO conference. The UAE is to host the conference which will take place on Monday and Tuesday, and will cover various discussions on global rules and regulations in the world of commerce, by ministers and officials from around the world. The WTO was founded in 1955 with the objective of overlooking and supervising global commercial rules and regulations, with a conference being held biennially to review and renew treaties that make up the global trading system. — KUNA
