The UAE targets an increase from an agreement to ratify measures in facilitating global trade following a burst trough in World Trade Organization talks in Bali.
According to a former chief economist at the Dubai International Financial Centre, “there will be beneficiaries since they rank highly in trade efficiency and logistics. They have modern ports and airports with the appropriate infrastructure to support trade in goods and services”
“These UAE companies and others, like Aramex, should be celebrating. They could lead the Arab world on this,” he said.
“The trade facilitation decision is a multinational deal to simplify customs procedures by reducing costs and improving their speed and efficiency,” the WTO said.
Although the Middle East would benefit from any general increase in overall global trade, the direct effects will be limited because energy products, the region’s main export, has so far been left largely outside the remit of the WTO talks.
Emirates Airline and Etihad Airways as potential beneficiaries are expected to reach a high increase in global trade as a result of the Bali deal, estimated by some experts to be worth an extra US$1 trillion for a world trade system of about $18tn.