The United Arab Emirates is contributing $10 million to three World Trade Organization (WTO) trust funds, the country has announced during its 13th ministerial conference.
The three initiatives that will receive funding will be the Fisheries Funding Mechanism, the Enhanced Integrated Framework (EIF), and the Women Exporters in the Digital Economy (WEIDE) Fund for the benefit of developing members and least-developed country (LDC) members, Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, revealed.
The Fisheries Funding Mechanism aims to assist developing and LDC members in implementing the Agreement on Fisheries Subsidies through targeted technical assistance and capacity building, while the EIF Trust Fund is aimed at enabling least-developed countries to build their capacity to participate and benefit from international trade opportunities.
“This timely donation not only bolsters our collective efforts towards enhancing fisheries sustainability, facilitating trade for least-developed countries, and empowering women entrepreneurs but also exemplifies the UAE’s pivotal role as the host of MC13, where such initiatives can flourish and make a tangible difference on a global scale,” said said DG Okonjo-Iweala.
The Women Exporters in the Digital Economy (WEIDE) Fund is a new $50 million initiative which be launched on 25 February. It will seek to help women-led businesses and women entrepreneurs in developing countries and least-developed countries adopt digital technologies and expand the online presence of their enterprises.
“The WTO’s Women Exporters In Digital Economy Fund allows us to celebrate the invaluable contribution of women entrepreneurs and women-led businesses around the world and to recognise the critical role they play in driving economic growth,” the minister said.
“I am profoundly grateful for the UAE’s generous contribution of USD 10 million to the Fisheries Funding Mechanism, the EIF Trust Fund for LDCs, and the Women Exporters in the Digital Economy Fund, which underscores their steadfast commitment to fostering sustainable and inclusive trade,”