UAE Official Stresses Need to Boost Multilateral Cooperation to Fight Coronavirus

Ahmed Ali Al Sayegh, Minister of State and UAE Sherpa. WAM
Ahmed Ali Al Sayegh, Minister of State and UAE Sherpa. WAM
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UAE Official Stresses Need to Boost Multilateral Cooperation to Fight Coronavirus

Ahmed Ali Al Sayegh, Minister of State and UAE Sherpa. WAM
Ahmed Ali Al Sayegh, Minister of State and UAE Sherpa. WAM

Minister of State and UAE Sherpa Ahmed Ali Al Sayegh stressed the need for multilateral cooperation in efforts to curb the spread of the new coronavirus.

"The need to strengthen multilateral cooperation in efforts to curb the spread of COVID-19 has become increasingly evident as states confront unprecedented challenges to the wellbeing of their peoples and communities," he said.

Sayegh's statement came during his participation in the Extraordinary Virtual Group of 20 (G-20) Sherpa Meeting convened on Thursday to discuss a global coordinated response to COVID-19.

"The G-20 platform provides an opportunity for all concerned states to join forces in mitigating the global impact of the coronavirus outbreak and implement strategic, coordinated action in pursuit of long-term economic recovery," he added.

Sayegh also highlighted UAE’s readiness to continue its political, economic, logistical, and humanitarian contributions to the global response.

He said the UAE is committed to ensure a smooth trade flow across borders to fight obstacles preventing delivery of aid and medical supplies.

The virtual meeting followed the second G-20 Sherpa Meeting held in Khobar, Saudi Arabia on March 12, wherein country representatives discussed the ongoing G-20 process and developments around COVID-19, health, trade and investment, and energy and climate change.



WTO: Global Trade Could Climb 3% in 2025 if MidEast Conflicts Contained

FILE - Containers are piled up in the harbor in Hamburg, Germany, Wednesday, Oct. 26, 2022. (AP Photo/Michael Probst, file)
FILE - Containers are piled up in the harbor in Hamburg, Germany, Wednesday, Oct. 26, 2022. (AP Photo/Michael Probst, file)
TT

WTO: Global Trade Could Climb 3% in 2025 if MidEast Conflicts Contained

FILE - Containers are piled up in the harbor in Hamburg, Germany, Wednesday, Oct. 26, 2022. (AP Photo/Michael Probst, file)
FILE - Containers are piled up in the harbor in Hamburg, Germany, Wednesday, Oct. 26, 2022. (AP Photo/Michael Probst, file)

The World Trade Organization on Thursday nudged up its forecast for global trade volumes this year and said a further pick up to 3% growth was likely in 2025, assuming Middle East conflicts are kept in check.
Global trade recovered this year from a 2023 slump driven by high inflation and rising interest rates, the WTO report said. In April, the global trade watchdog forecast a 2.6% increase in volumes, which it revised up on Thursday to 2.7%, Reuters reported.
"We are expecting a gradual recovery in global trade for 2024, but we remain vigilant of potential setbacks, particularly the potential escalation of regional conflicts like those in the Middle East," said WTO Director-General Ngozi Okonjo-Iweala in a statement.
"The impact could be most severe for the countries directly involved, but they may also indirectly affect global energy costs and shipping routes."
Israel's blitz against Lebanon's Hezbollah in recent weeks, following a year-long war against Hamas in Gaza, has stoked fears of an inexorable slide towards a pan-Middle Eastern war.
The WTO also cited diverging monetary policies among major economies as another downside risk for the forecasts. This "could lead to financial volatility and shifts in capital flows as central banks bring down interest rates," the report said, adding that this would make debt servicing more challenging for poorer countries.
"There is also some limited upside potential to the forecast if interest rate cuts in advanced economies stimulate stronger than expected growth without reigniting inflation," the WTO said.