UAE Minister “Al Zeyoudi” introduces “EcoMark” initiative at World Economic Forum in Davos

The UAE has launched the “EcoMark” initiative, which is considered the first accreditation framework for sustainability dedicated to small and medium enterprises worldwide. It has been designed to support the competitiveness of these enterprises in green sectors by simplifying and standardizing the operational processes associated with establishing sustainability standards globally.

The initiative will include a comprehensive set of resources to assist small and medium-sized enterprises in achieving the “Ecomark” certification. This will include guidance on requirements and necessary documents, a roadmap for progressing from basic to advanced sustainability levels, and a standardized process and criteria for accreditation in participating countries. The framework will be overseen by a central authority based in the United Arab Emirates.

Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade in the United Arab Emirates, announced this initiative during the Annual Meeting of the World Economic Forum held in Davos, Switzerland.

The session titled “A New Trade System: Inclusive Growth for All” involved ministers, policy makers, and academics discussing ways to enhance the integration of low-growth countries, small and medium-sized enterprises, and women and youth-led companies in global trade.

They emphasized the importance of supporting startups to meet the growing demand for green-compliant products and services.

He emphasized during the launch of the initiative that small and medium-sized enterprises play a crucial role in driving the transition towards a low-carbon economy.

However, the contributions of these enterprises, which are managed and led by underrepresented groups including women and youth, cannot be unlocked without targeted support designed to reduce the time, costs, and resources associated with environmental regulatory compliance.

He said:

“Small and medium-sized enterprises account for approximately 90% of global companies, and their ability to fully access the global trading system must be ensured if we want to achieve our vision of a more sustainable and just global economy.”

These enterprises are also key change-makers, as they possess the necessary flexibility to lead sustainability across different value chains. The development of the global EcoMark certification, as a globally recognized and accessible platform, will help them explore new markets around the world and compete in them, and meet the growing demand for sustainable products and services.”

Al-Zyoudi clarified that this announcement stems from the progress achieved on the first day of the Trade Summit, which took place during the COP conference held in Dubai last month, COP28. The United Arab Emirates hosted the United Nations Framework Convention on Climate Change, the International Chamber of Commerce, and the World Trade Organization for a series of important discussions on the role of trade in addressing the challenge of climate change.

He pointed out that the adoption of “Eco-mark” confirms the commitment of the United Arab Emirates to a global system that includes everyone and its determination to provide full and fair access to the global trade system. It is noteworthy that the annual meeting of the World Economic Forum for 2024 will be held in Davos under the theme of “Building Trust,” bringing together government leaders and the business sector to engage in constructive and forward-looking dialogues and help find solutions through cooperation between the public and private sectors.