Patrizio Fondi, center, European Union ambassador to the UAE along with staff members of 13 European Union embassies gather along the Corniche to take part in Cycle To Work in Abu Dhabi. Christopher Pike / The National
Patrizio Fondi, center, European Union ambassador to the UAE along with staff members of 13 European Union embassies gather along the Corniche to take part in Cycle To Work in Abu Dhabi. Christopher Pike / The National
Patrizio Fondi, center, European Union ambassador to the UAE along with staff members of 13 European Union embassies gather along the Corniche to take part in Cycle To Work in Abu Dhabi. Christopher Pike / The National
Patrizio Fondi, center, European Union ambassador to the UAE along with staff members of 13 European Union embassies gather along the Corniche to take part in Cycle To Work in Abu Dhabi. Christopher P

The EU will continue to stand up for global rules and high standards


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On March 25, the European Union marked 60 years since the signing of the Rome Treaties, the first step towards a united Europe. Since the birth of the European Community in 1957, the citizens of our member states have enjoyed six decades of unprecedented peace, prosperity and security. For countries that had long been at war, European integration has been the most successful peace project in our history.

However, we are living in unpredictable times and the 60th anniversary of the Rome Treaties is an opportunity not only to reaffirm our commitment to the values and objectives on which the European project is founded, but also to take pragmatic and ambitious steps forward.

The world is going through a time of great uncertainty: the global balance of power is shifting and the foundations of a rules-based international order are too often being questioned. The European Union will be an increasingly vital power to preserve and strengthen the global order and will rely on international partners, such as the UAE, in order to do so. Since the opening of an EU Delegation in the UAE in 2013, the EU and the UAE are cooperating more closely across many fields including political dialogue, security (non-proliferation, counterterrorism, counter-piracy and so on), humanitarian and development cooperation – and, of course, on trade matters.

The EU is the send global economy. It is the largest global market and the leading foreign investor in most parts of the globe. The EU has achieved a strong position by acting together with one voice on the global stage, by playing a key role in removing barriers to trade as a member of the World Trade Organisation, as well as concluding bilateral trade deals with many important partners around the world – such as the recent Ceta deal with Canada. This allowed EU exporting firms to flourish and create over 30 million jobs. The UAE represents the 8th largest export market for the EU and we are working hard to deepen our growing commercial exchanges.

Among the great achievements shared by the EU and the UAE, the 2015 Schengen visa waiver agreement has to be highlighted. The UAE is the first Arab country whose nationals can travel visa-free to Europe’s Schengen Zone. In the troubled times we live in, it is definitely a sign that the EU believes in easing exchanges rather than restricting them, and in promoting openness to the world rather than protectionism.

The European Union is and will continue to be a strong, cooperative and reliable power. Our partners know what we stand for. We stand for multilateralism and for international cooperation. We stand for sustainable development. We stand for human rights and inclusive societies as well as for the fight against all inequalities.

The EU is the world’s largest financial donor of development aid, which goes to about 150 countries around the world, and stands ready to help those affected by natural and man-made disasters. Humanitarian crises continue to take a heavy toll, and in 2016 the EU allocated relief assistance of over €1.5 billion (Dh5.9bn) for food, shelter, protection and health care to 120 million people in over 80 countries. In Syria, the EU has been, since the start of the Syrian conflict in 2011, the largest single donor of humanitarian aid to care for the millions of displaced men, women and children. The fact that, overall, we invest more in development cooperation and humanitarian aid than the rest of the world combined, remains a source of pride.

We stand for better global rules; rules that protect people from abuse; rules that expand rights and raise standards. It is thanks to our engagement – the EU together with its member states – that the global community has set up innovative agreements such as the Sustainable Development Goals and the Paris Agreement on climate change. The EU is also increasingly active as a global security provider. In a world of re-emerging power politics, the European Union will have an even more significant role to play.

A more fragile international environment calls for greater engagement, not for retrenchment. This is why the EU will continue to support and help the United Nations in many fields, from peace missions to tackling hunger or fighting criminality.

Whatever events may bring in the future, one thing is certain: the EU will continue to put promoting international peace and security, development cooperation, human rights and responding to humanitarian crises at the heart of its foreign and security policies.

Patrizio Fondi is the Ambassador of the European Union to the UAE

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Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

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Watch live

The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.

You can find out more here

Results

5pm: Maiden (PA) Dh80,000 (Turf) 2,200m, Winner: Zalman, Pat Cosgrave (jockey), Helal Al Alawi (trainer)

5.30pm: Maiden (PA) Dh80,000 (T) 1,600m, Winner: Hisham Al Khalediah II, Fernando Jara, Mohamed Daggash.

6pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: Qader, Adrie de Vries, Jean de Roualle

6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 (T) 1,600m, Winner: Mujeeb, Fabrice Veron, Eric Lemartinel

7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,600m, Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel

7.30pm: Handicap (TB) Dh90,000 (T) 1,600m, Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly

8pm: Handicap (TB) Dh100,000 (T) 1,400m, Winner: Nayslayer, Bernardo Pinheiro, Jaber Ramadhan

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Poacher
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Ticket prices

General admission Dh295 (under-three free)

Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free

Buy tickets at: wbworldabudhabi.com/en/tickets

The currency conundrum

Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”

Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.

This is a race to the bottom, and everybody wants to be a winner.