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3/4/24, 5:01 PM MC13's new service regulations aim to cut global trade costs by over $125 billion | Emirates News Agency

MC13's new service regulations aim to

cut global trade costs by over $125

billion

 Tuesday, February 27, 2024 6:55 PM • 3 minutes Reading

ABU DHABI, 27th February, 2024 (WAM) -- The entry into

force of new disciplines on services domestic regulation,

announced at the World Trade Organisation (WTO) 13th

Ministerial Conference (MC13) in Abu Dhabi on 27th

February, is expected to lower trade costs by over US$

125 billion worldwide.

The announcement was made at an event attended by

Director-General Ngozi Okonjo-Iweala, Dr. Thani bin

Ahmed Al Zeyoudi, UAE Minister of State for Foreign

Trade and MC13 Chair, and participating members in the

Joint Initiative on Services Domestic Regulation,

represented by Costa Rica’s Foreign Trade Minister,

Manuel Tovar, and the European Commission’s Vice-

President Valdis Dombrovskis.

WTO members participating in the initiative began

incorporating the new disciplines on good regulatory

practice into their existing services commitments once

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