He also stressed the significance of appropriate regulation and supervision of financial markets in inspiring overall confidence in the system.
Al Tayer was addressing the UN Conference on ‘World Financial and Economic Crisis and its Impact on Development,’ held between June 24 and June 26 in New York.
The initiative highlights UAE’s commitment to global efforts aimed at offsetting the negative fallout of the financial crisis. The participation is in accordance with the directives of President His Highness Shaikh Khalifa bin Zayed Al Nahyan and Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Shaikh Mohammed bin Rashid Al Maktoum.
The conference, convened by the General Assembly of the United Nations, sought to review the impact of the downturn and identify corrective actions.
Referring to global reforms, Al Tayer, said, ‘The UAE firmly endorses the global approach to restructure financial, economic and trade systems. We call on the United Nations to reinforce the role of its departments in this regard as also to strengthen regulation and supervision of financial markets. We fully support international efforts in addressing the crisis and developing mechanisms to prevent its recurrence in the future’.
A stronger UN role will not only bring confidence back into world markets but also encourage economic development, international trade and investment, he added.
Commenting further, Al Tayer said that the recent developments have demonstrated that the global economy is interconnected and integrated to a great extent. ‘The UAE will work with the global community to address the crisis, implement national development programs and take forward its international obligations to assist developing countries in achieving their goals. We also reaffirm the importance of the State’s obligation for providing assistance and emergency aid to developing and poor countries,’ he added.
UAE is considered one of the first countries to provide assistance to developing countries through investment and assistance, either directly or in the form of loans and financing of development programs.
‘We have succeeded in containing the crisis and protecting the national economy through economic, financial and monetary precautions’ he said.
The UAE delegation participated in several meetings and roundtables at the conference, which addressed the issues like The impact of crisis on employment, trade, investment and development, including achievement of internationally agreed development goals and Millennium Development Goals, Procedures and appropriate measures to reduce the impact of the crisis on development, The role of the United Nations and its Member States in ongoing international discussions on reform and strengthening of international financial and economic structure and The contributions of the United Nations development system to address the crisis.
