UNCTAD Chief States UAE Stands Commendable for Emerging Economies

The Secretary-General of the United Nations Conference on Trade and Development (UNCTAD) has stated the UAE economy can act as a model for emerging economies.

Dr. Mukhisa Kituyi, told reports, on the sidelines of the now-running World Government Summit (WGS) that he is very touched by the economic diversity attempts made by the UAE and the new and creative ways embraced by the nation to expedite new and original ideas, and also increase and alter Foreign Direct Investments.

He stated that the summit resulted in policy makers’ engagement on issues that have been talked in Davos, in a loose way.

The UNCTAD chief continued to assert that the UAE is very receptive to global changes and invention that lies at the heart of the blueprint.

Discussing on the global economic scene, Dr. Kituyi stated that he is not joining depressing reports about rising recession.

UNCTAD issued a report hinting that global merchandise exports rose to US19.6 trillion in 2018. He also stated that what happened on the ground is a re-location of trading networks; the global value chain has deviated due to excise and technology.

According to Dr. Kituyi, 2018 was a year marked by reprisal and counter-retaliation that resulted in a trade deadlock between the United States and China.

The figures are the result of merchandise and services trade trends which reopen with consequential growth in 2017, when global merchandise trade raised by 10%, after two years of decline, and trade in services grew by 9.5%.