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 that it chose to undertake out of its dedication towards instilling and strengthening transparency standards and as a result of constructive and productive co-operation with all of the country's economic entities and sectors, and as part of its early preparation to start the procedures of the World Trade Organization's second UAE Trade Policy Review, which the organization will issue a report on in 2012.
The ministry added that the release of the report now sets a new precedent as no WTO member state has took it upon itself to issue a voluntary report showcasing its trade policy outside of the framework of the current mechanism which 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.
In her introduction of the review, Sheikha Lubna bint Khalid 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, in view of the fact that it has adopted, put in place and executed modern and effective plans and programs to diversify its exports and international trade partners, and encourage 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.
Sheikha 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", praising the State's remarkable economic performance, its efforts to diversify the economy and reduce reliance on oil, and its flexible commercial policy.
Juma Al Kait, Executive Director of Foreign Trade Affairs Department, said 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.
Commenting on the review, Mahmoud Sharif Mahmoud, head of the Foreign Trade Policies Department, said the report contains four sections; the first of which tackles the status of the state's economic environment, highlighting the main features and properties of the national economy and its foreign partnerships and investments, followed by a look into the prospects and developments of the economy.
The second section focuses on showcasing the features of the commercial and investment climate through shedding light on the institutional framework and defining the stages of the process of formulating and executing the state's trade policy, the goals of this policy, and the trade agreements that the UAE has joined.
The third section focuses on clarifying the practices and procedures that are related to the trade policy, indicating the practices that have a direct impact on imports and exports as well as production and trade, while the fourth and final section details the state's trade policy by economic sector, highlighting the features, tools, and commercial policy frameworks of the agricultural, mining, energy, water, manufacturing and services sectors.
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