Global Trade Development Week 2015 opened today (October 28) in Dubai, UAE, bringing together business and government leaders from over 100 countries to discuss today's most challenging trade and development issues.

The three-day event was inaugurated UAE Minister of Economy, Sultan bin Saeed Al Mansoori at Ritz Carlton DIFC, Dubai.

“Increased trade across borders is perhaps the strongest enabler of geopolitical stability. However, we need to evolve efficient means to drive and facilitate this trade.” said Al Mansoori, highlighting the central theme of his speech; the potential of the global trading system to deliver shared economic prosperity.

Pointing out the means towards stimulating global economic growth, he added.

“We have to find new sources of income, and enable access to trade, finance and investment to create conditions for inclusive and sustained economic prosperity. Global Trade Development Week presents a forum where business leaders - whether they are SMEs, multinationals or owners of family businesses - can link directly with government departments and key representatives from investment and finance, to explore how they can grow their businesses, and trade across borders. This ease of doing business is a crucial prerequisite to stimulate sustainable economic growth,” he said.

Global Trade Development Week which is organized under the patronage of the UAE Ministry of Economy is now an established major annual forum and exhibition dedicated to the advancement of the international trading system.

Al Mansoori continued: “Trade played a major role in the history of our region and country. It continues to be a vital tool to leverage economic growth and development. Trade numbers are ever increasing, reflecting the growing role of in international trade.”

“The UAE’s non-oil trade volume grew from Dh1.5 trillion in 2013 to reach 1.6 trillion in 2014 and we are determined to further increase these numbers. The UAE is now the fourth largest re-exporter worldwide as it establishes itself as a vibrant hub for global trade,” he added.

 “We are keenly aware of the important role that SMEs play as key drivers of innovation and as engines for economic growth. Today, the SME sector contributes to nearly 60 per cent of the UAE’s GDP. As part of our national strategy outlined by the UAE Vision 2021, we aim to raise the contribution of this vital sector to 70 per cent over the next six years,” Al Mansoori said.

Ayesha Al-Kobaisi, director of International Trade Organizations Department and the project director for Global Trade Development Week from the Ministry of Economy said: “A major objective of the work of the UAE Ministry of Economy is to boost our economic ties with trading partners across the world and also reduce barriers to trade and investment ‐ by connecting with the audiences at Global Trade Development Week, and also by encouraging UAE businesses to attend this major annual event, we hope to make some progress towards achieving these aims.”

Global Trade Development Week is organized by leading pan-Asian/Middle East event company, KW Group and features an outstanding line up of over 150 speakers.

The event opened with a Ministers and Trade Leaders VIP plenary, followed by six concurrent summits that cover key issues in international trade.  The event runs until October 29 and features an exhibition alongside. – TradeArabia News Service