UAE joins name for open, inclusive commerce throughout G20 ministerial assembly

WAM

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, has participated within the G20 Trade and Investment Ministerial Meeting (TIMM) in Jaipur, India.

He joined ministers and commerce officers to ship proposals to advance international commerce and guarantee it continues to ship long-term development and financial growth for all nations.

This was the ultimate assembly of G20 commerce and funding ministers earlier than the Leaders’ Summit in New Delhi in September.

It adopted the important thing resolutions developed in the course of the 12 months by the commerce and funding working group, which centered on 5 precedence points: Trade for Growth & Prosperity; Resilient Trade and Global Value Chains (GVCs); Integrating MSMEs into World Trade; Logistics for Trade; and World Trade Organization (WTO) Reform.

The outcomes of the TIMM will probably be offered to the Leaders’ Summit on September 9-10.

The UAE participated within the newest assembly as an invited visitor of India underneath its presidency to contribute to the G20 discussion board.

The invitation displays the UAE’s rising significance as a commerce companion to the world’s main economies.

In 2022, non-oil commerce between the UAE and G20 international locations exceeded $341 billion, representing 55 per cent of the UAE’s complete non-oil commerce.

These figures replicate a development of 21 per cent in comparison with 2021. The G20 accounts for 38 per cent of the UAE’s export income, whereas 67 per cent of the UAE’s merchandise imports come from G20 member international locations.

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

He harassed the significance of cross-border cooperation in constructing resilience throughout international worth chains, underlining the necessity to improve the participation of small and medium sized companies and encourage diversification of import sources, particularly for crucial sectors.

Additionally, Al Zeyoudi urged ministers to proceed to help the deployment of the most recent applied sciences to extend the dimensions, scope and velocity of commerce, together with leveraging know-how for paperless commerce.

“The UAE is ready to lend its support to any effort that fosters a global trading system able to meet the needs of the 21st century, and we look forward to presenting these outcomes at the G20 Leaders’ Summit next month in New Delhi,” the UAE minister mentioned.

During his go to to Jaipur, Al Zayoudi held bilateral conferences with Piyush Goyal, Indian Minister of Commerce and Industry, Zulkifli Hasan, Indonesian Minister of Trade and Prof. Ömer Bolat, Turkish Minister of Trade.

Al Zayoudi additionally held talks with counterparts from a number of areas, together with Singapore, Republic of Korea, Japan, China, Argentina, Brazil, The Netherlands and Russia.