Fourteen countries have jointly announced the establishment of a new initiative called the Future of Investment and Trade Partnership, which emphasizes the importance of open and fair trade, promotes inclusive growth, addresses contemporary and emerging trade issues, and seeks to enhance flows of foreign direct investment. This partnership is designed to create a principle-based coalition that advocates for a forward-looking trade agenda, tackling challenges while seizing new opportunities in trade and investment, and fostering dialogue among stakeholders from both public and private sectors.
The founding members of this partnership include the United Arab Emirates, Brunei, Costa Rica, Iceland, Liechtenstein, Morocco, New Zealand, Norway, Panama, Chile, Rwanda, Singapore, Switzerland, and Uruguay. These nations will collaborate to develop initiatives focused on solutions that strengthen a rules-based trading system, aiming to amplify their collective influence on the global stage.
The UAE’s Ministry of Foreign Trade will spearhead the nation’s efforts within the Future of Investment and Trade initiative, representing the country in future meetings and discussions related to this initiative.
Open Trade
The principles of free trade are essential for achieving global stability and prosperity, especially for small and medium-sized countries engaged in open and fair trade practices. In contrast, international measures that restrict trade risk fragmenting the global economy, weakening economic growth, and increasing inflation and unemployment pressures. The partnership will advocate for open and fair trade to enable all nations to benefit from enhanced economic security and job creation.
A Flexible Platform
Additionally, the partnership aims to create a flexible platform where members can collaborate on a variety of trade-related topics. This includes strengthening supply chains, removing non-tariff barriers to trade, facilitating investments, and adopting emerging technologies. The goal is to elevate trade policies without requiring legally binding commitments.
This initiative is characterized by its focus on making a significant impact. As it grows, the partnership will invite other interested countries that are committed to these goals and principles to join, ensuring inclusivity and adaptability in a rapidly changing global landscape.