Today: 12 July 2025
9 July 2024
3 mins read

DMCC briefs WTO on Future of Trade Report

The report outlined how a new era of global regionalisation will lead businesses to restructure their supply chains amid escalating geopolitical tensions…reports Asian Lite News

DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – briefed a select group of trade experts on its latest Future of Trade 2024 report at an event held at the World Trade Organisation headquarters in Geneva, Switzerland.

The briefing featured high-level officials and regulators including WTO Director-General Dr. Ngozi Okonjo-Iweala.

The report outlined how a new era of global regionalisation will lead businesses to restructure their supply chains amid escalating geopolitical tensions, conflicts, climate change, economic nationalism and trade protectionism. There will be opportunities to diversify export markets and sourcing networks.

DMCC recognised the role of the WTO in providing the open and stable global trading environment required to capitalise on new trade opportunities, and called on the WTO to provide leadership and innovation to meet new challenges to international trade. In particular, the rapid advances of technology such as AI and environmental goods trade to facilitate the green transition will present economic opportunities. In that regard, the WTO is needed to facilitate global consensus and standards to ensure trade resilience.

Addressing delegates, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Since joining the WTO almost thirty years ago, the UAE’s relationship has developed from one of integration to participation, and now, one of leadership and influence. Through the adoption of the WTO’s Trade Facilitation Agreement, the WTO’s framework has played a strategic role in Dubai’s emergence as a global trade hub and a centre for finance, tourism and logistics, and therefore features prominently in our 2024 Future of Trade report. With over 75 percent of the global goods trade made directly on WTO terms, the world depends on an efficient WTO to ensure a fair trade landscape, especially as businesses contend with new disruptive forces like AI and climate change. Combined with the UAE’s growing Comprehensive Economic Partnership Agreements (CEPAs), DMCC looks forward to continuing its engagement with the WTO and supporting greater global trade facilitation.”

Ngozi Okonjo-Iweala, Director-General of the WTO, said, “The Future of Trade report rightly highlights that amid all the challenges facing global trade in the decade ahead, there are also opportunities. Trade can deliver benefits to people and places that missed out on the recent wave of globalisation. It can be an even stronger force for decarbonising our economies; and for making supply chains more diversified and hence more resilient in our increasingly shock-prone world. At the WTO, we are working and reforming to build the enabling environment for seizing these opportunities. Recent successes with multilateral agreements and decisions at our 12th and 13th Ministerial Meetings provide the underpinnings needed by members to capitalise on emerging opportunities”.

Feryal Ahmadi, Chief Operating Officer, DMCC, added, “DMCC is delighted to be at the WTO in Geneva to present our Future of Trade 2024 report. During this period of profound change, it is essential that businesses, governments and regulators work together to harmonise standards and ensure innovative regulatory frameworks for today’s trade challenges. Here we believe the WTO has a key role to play in promoting and maintaining global trade stability, thereby sustaining trade resilience and economic growth in the long term.”

As part of the Future of Trade’s Commodities Trade Index, Switzerland rose to third place for the first time since the index was established in 2018. Switzerland scored strongly on its locational and institutional advantages, signalling its status as one of the most important players in the global commodities trade landscape. As major trade hubs, DMCC highlighted the growing interconnectivity of Switzerland and UAE across goods and services as key for ensuring future economic growth.

The Future of Trade is the flagship thought leadership report series from DMCC on the changing nature of global trade. The report examines the impact of global economic trends, geopolitics, technology, sustainability and finance on the future of the trade landscape. The report series has been viewed and downloaded over 1.9 million times to date, underscoring DMCC’s growing recognition as a leading voice on international trade.

ALSO READ: UAE Embassy in Paris hosts 10th edition of Majlon

Previous Story

Etihad doubles down on North America

Next Story

US, Israeli spy chiefs to meet in Doha for Gaza talks

Latest from -Top News

UAE rolls out red carpet for Indian start-ups

MoU signed with IIT Bombay’s SINE as CEPA Start-up Series aims to accelerate market access for Indian ventures In a bid to bolster cross-border entrepreneurship and innovation, the UAE-India CEPA Council (UICC),

Masdar powers ahead in UK

€15 billion clean energy alliance powers ahead with East Anglia THREE investment and Baltic Eagle energisation….reports Asian Lite News Masdar, the UAE-based global clean energy powerhouse, and Iberdrola, one of the world’s

Indian Doctor Gets Top Sharjah Award

The award was presented by His Highness Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah. In a moment of immense pride for the Indian diaspora, renowned paediatrician-turned-entrepreneur Dr.

Peace talks in the desert

President H.H. Sheikh Mohamed reiterated the UAE’s unwavering support for initiatives aimed at fostering sustainable peace, dialogue, and development in the South Caucasus. He also applauded the willingness of the Armenian and

World’s energy thirst to grow: OPEC

UAE sticks to 5 million bpd oil output goal as OPEC launches new World Oil Outlook at Vienna seminar…reports Asian Lite News Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum
Go toTop

Don't Miss

IIT Delhi launches summer programme in Abu Dhabi

The seasonal workshops started with the Summer Outreach Programme between

UAE spotlights humanitarian role & health response in Geneva

The symposium shed light on the UAE’s significant humanitarian contributions