$341 billion in non-oil commerce between UAE, G20 nations

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Trade and funding relations between the UAE and G20 nations proceed to witness regular progress.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated in 2022, non-oil commerce between the 2 sides hit $341 billion, which is 55 per cent of the UAE’s whole non-oil commerce.

“This represents a 21 per cent increase from 2021, and a 56 per cent and 34 per cent growth from 2020 and 2019, respectively,” the minister informed the Emirates News Agency (WAM) in India on the sidelines of the 2023 G20 New Delhi Summit.

“G20 countries are the UAE’s largest trading partners, accounting for 43% of its non-oil exports, 39% of re-exports, and 67% of imports,” he added.

Al Zeyoudi famous that this upward trajectory continued within the first half of 2023, with non-oil commerce reaching $181.9 billion, up 14.4 per cent from the identical interval in 2022.

“The UAE’s non-oil exports to G20 countries grew by 10.6% in the first half of 2023, reaching a total of $23.4 billion. The value of re-exports to these countries also rose by 14% to $38 billion. Imports increased by 15.2% to $120.5 billion.”

The minister added that the full steadiness of direct Emirati investments in these nations reached greater than $215 billion by the top of 2021, which represents 92.5 per cent of all Emirati investments worldwide.

“The total investment balance of G20 countries in the UAE is also significant, reaching more than $74.2 billion, accounting for 43.3% of all foreign direct investment (FDI) into the UAE,” he identified.

Al Zayoudi stated that the UAE’s invitation to the G20 Summit is a recognition of its standing as a significant financial participant, a key companion within the international buying and selling system and a accountable international citizen.

He reiterated the UAE’s dedication to making sure inclusive entry to the worldwide buying and selling system for the nations of the Global South, underscoring the position of commerce as a catalyst for industrial productiveness, job creation and knowledge-sharing.

The minister additionally underlined the necessity to improve the participation of small and medium sized companies and encourage diversification of import sources, particularly for vital sectors.