Trade ministers from around the world have convened in Abu Dhabi for the 13th Ministerial Conference of the World Trade Organisation. The event is a biennial opportunity for the 164 members of the WTO to meet at the highest level to review the functioning of the multilateral trading system and decide on its future.
The Ministerial Conference comes at a moment where the global economy is in a fragile state, with the World Bank projecting a decade of historically low growth ahead of just 2 per cent annually. Trade has long been a driver of growth and poverty eradication, having lifted one billion people out of destitution in recent decades. It is now facing strong headwinds as protectionist forces mount.
With leaders in many countries questioning the value of participating in a globalised world economy, the growth of geopolitical-driven protectionism threatens to limit the gains of globalisation.
Against this backdrop, it is not an overstatement to say the conference in Abu Dhabi will be critical to determine the future of global trade. As countries “re-shore” and “friend-shore” their value chains because of legitimate national security concerns, it is essential for ministers to reshape the current global trade system to prevent these trends from resulting in severe fragmentation, which could cost the global economy as much as 7 per cent of gross domestic product, according to the International Monetary Fund.
WTO Director General Ngozi Okonjo-Iweala has been acutely aware of the importance of the moment and has appealed for the need to “be ready to roll up our sleeves and work in Abu Dhabi”. But what would this work need to look like to make a real difference?
On the agenda will be efforts to advance international trade and reform the WTO itself, such as eliminating subsidies that encourage overfishing, extending the moratorium on duties on cross-border e-commerce and restoring the system for settling trade disputes.
If ministers leave Abu Dhabi with little more than symbolic achievements, an opportunity will have been lost to strengthen a system of economic interdependence
Yet, as important as these issues are, addressing them individually – with success uncertain, given the need for consensus to forge an agreement – may have, at best, a marginal impact on global trade. The necessary decision to admit two new members, Timor-Leste and Comoros, into the WTO also cannot be considered significant progress if important topics are yet again kicked down the road.
Leaders meeting in Abu Dhabi will need to be ambitious and focus on solving the underlying challenges affecting the trade system. They will need to address two factors that have enabled deglobalisation to take hold despite the overall benefits trade has delivered over the past three decades: first, that trade is seen as being misaligned with global priorities; and second, that gains from trade have not been equitably distributed within and between countries.
Strengthening the trade system should first and foremost mean expanding the trade agenda beyond delivering efficiencies. Instead, trade needs to advance climate action and social inclusion through multilateral commitments against a “race to the bottom” on environment, labour and consumer standards.
Participating in global value chains can help the spread of climate-friendly technologies, such as solar panels or drought-resistant seeds. The broader the benefits delivered by trade, the more firmly it will be aligned with global priorities such as the Sustainable Development Goals. This, in turn, will enable trade to engender more trust of governments and citizens as they see the real value of it. Trade can thus be “fenced off” from geopolitical rivalry rather than disrupted for near-term political wins.
Here, inspiration can be taken from the African Continental Free Trade Area Agreement, which aims to create a single market for goods and services on the continent and enable the free movement of people. Its Protocol on Investment is designed to support the continent’s green transition by promoting investment in green sectors, encouraging incentives for low-carbon investments, and developing green investment standards.
Second, more inclusive trade mechanisms must be developed. In particular, least-developed countries with structural constraints such as fragile institutions, weak markets and a limited knowledge base, face difficulties taking full advantage of the opportunities offered by globalisation.
Between 2011 and 2020, exports of goods and services from least-developed countries contracted, and their share in global exports stagnated. What little economic growth that has taken place has in most cases failed to trickle down to the poor.
More public-private consultations centred on the Global South are needed to ensure that multilateral trade policies prioritise the sustainable development of countries with the least economic power.
Trade-restrictive measures based on legitimate national security concerns are likely to remain a feature of global trade. To improve transparency, certainty and mutual trust, such measures must be ring-fenced, meaning focused, proportionate and time-bound.
The aspiration of an expanded and rebalanced global trade agenda is not something that can be achieved easily in times when trust is being eroded by rising geopolitical rivalry. But if ministers leave Abu Dhabi with little more than symbolic achievements, an opportunity will have been lost to strengthen a system of economic interdependence that has delivered immense, albeit imperfect, benefits.
The alternative – a more fragmented, protectionist global economy – will make everyone worse off and will be a missed opportunity to strengthen collective action on the very environmental, economic and societal issues most countries care about.
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
SHADOWS%20AND%20LIGHT%3A%20THE%20EXTRAORDINARY%20LIFE%20OF%20JAMES%20MCBEY
%3Cp%3EAuthor%3A%20Alasdair%20Soussi%3C%2Fp%3E%0A%3Cp%3EPages%3A%20300%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Scotland%20Street%20Press%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20December%201%3C%2Fp%3E%0A
ON%20TRACK
%3Cp%3EThe%20Dubai%20Metaverse%20Assembly%20will%20host%20three%20main%20tracks%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEducate%3A%3C%2Fstrong%3E%20Consists%20of%20more%20than%2010%20in-depth%20sessions%20on%20the%20metaverse%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInspire%3A%3C%2Fstrong%3E%20Will%20showcase%20use%20cases%20of%20the%20metaverse%20in%20tourism%2C%20logistics%2C%20retail%2C%20education%20and%20health%20care%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EContribute%3A%3C%2Fstrong%3E%20Workshops%20for%20metaverse%20foresight%20and%20use-case%20reviews%3C%2Fp%3E%0A
Children who witnessed blood bath want to help others
Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.
As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.
Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.
“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”
Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.
“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”
Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.
Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
Sholto Byrnes on Myanmar politics
Brief scores:
Scotland 371-5, 50 overs (C MacLeod 140 no, K Coetzer 58, G Munsey 55)
England 365 all out, 48.5 overs (J Bairstow 105, A Hales 52; M Watt 3-55)
Result: Scotland won by six runs
RACE CARD
6.30pm: Al Maktoum Challenge Round-3 – Group 1 (PA) $65,000 (Dirt) 2,000m
7.05pm: Handicap (TB) $65,000 (Turf) 1,800m
7.40pm: Meydan Classic – Listed (TB) $88,000 (T) 1,600m
8.15pm: Nad Al Sheba Trophy – Group 3 (TB) $195,000 (T) 2,810m
8.50pm: Dubai Millennium Stakes – Group 3 (TB) $130,000 (T) 2,000m
9.25pm: Meydan Challenge – Listed Handicap (TB) $88,000 (T) 1,400m
RESULT
Leeds United 1 Manchester City 1
Leeds: Rodrigo (59')
Man City: Sterling (17')
Man of the Match: Rodrigo Moreno (Leeds)
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
Killing of Qassem Suleimani
Read more from Mina Al-Oraibi
Results
6.30pm: Al Maktoum Challenge Round-2 Group 1 (PA) US$75,000 (Dirt) 1,900m
Winner: Ziyadd, Richard Mullen (jockey), Jean de Roualle (trainer).
7.05pm: Al Rashidiya Group 2 (TB) $250,000 (Turf) 1,800m
Winner: Barney Roy, William Buick, Charlie Appleby.
7.40pm: Meydan Cup Listed Handicap (TB) $175,000 (T) 2,810m
Winner: Secret Advisor, Tadhg O’Shea, Charlie Appleby.
8.15pm: Handicap (TB) $175,000 (D) 1,600m
Winner: Plata O Plomo, Carlos Lopez, Susanne Berneklint.
8.50pm: Handicap (TB) $135,000 (T) 1,600m
Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.
9.25pm: Al Shindagha Sprint Group 3 (TB) $200,000 (D) 1,200m
Winner: Gladiator King, Mickael Barzalona, Satish Seemar.
Fourth Arab Economic and Social Development Summit
As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
Cherry
Directed by: Joe and Anthony Russo
Starring: Tom Holland, Ciara Bravo
1/5
Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
Palestine and Israel - live updates
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
Scoreline
Bournemouth 2
Wilson 70', Ibe 74'
Arsenal 1
Bellerin 52'
