Page 16 - Eagle Hills PR REPORT - MARCH 2024

3/15/24, 10:49 AM UAE to develop mega Budapest project in a deal that could be valued at $10.9bn
How could Houthi attacks in the Red Sea affect global trade?
How could Houthi attacks in the Red Sea affect global trade?

“We outperformed in the last quarter of last year and even February trade was in general
excellent. We don't have the numbers yet but things are even going forward,” he said.

The Red Sea crisis, and the Covid-19 pandemic before that, have highlighted the importance of
exploring alternative trade routes and markets for different commodities.

He cited examples such as plans for the India-Middle East-Europe Economic Corridor
announced during the G20 meeting and working with neighbouring countries in the region such
as Iraq, Iran and India for easier movement of container vessels.

The UAE is also working on a railway project linking Abu Dhabi and Sohar.

“Alternatives are critical, diversity is important and we have to ensure that's available so we don't
have a huge impact when an emergency happens in the future,” he said.

The UAE's trade position will be further bolstered by its removal from the Financial Action Task
Force’s grey list.

“Things were growing in the last two years even during us being on the grey list and I'm sure
now with the removal from [the] FATF [list], things are going to flourish even faster than before,”
Dr Al Zeyoudi said.

Work ahead after WTO conference

Work is also progressing on the World Trade Organisation’s agenda following the 13th Ministerial
Conference in Abu Dhabi on February 26, said Dr Al Zeyoudi, who was also the chair of the Feedback
biennial gathering of global trade ministers.

Discussion on key topics, including the reform of the WTO's dispute settlement system, will
continue in Geneva, where the WTO is based, after the MC13 meetings set the foundation for
further negotiations, he added.

Updated: March 14, 2024, 7:39 PM

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