UAE joins call for open, inclusive trade during G20 ministerial meeting

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

He joined ministers and trade officials to deliver proposals to advance global trade and ensure it continues to deliver long-term growth and economic development for all nations.

This was the final meeting of G20 trade and investment ministers before the Leaders’ Summit in New Delhi in September.

It adopted the key resolutions developed during the year by the trade and investment working group, which centered on five priority issues: 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 be presented to the Leaders’ Summit on September 9-10.

The UAE participated in the latest meeting as an invited guest of India under its presidency to contribute to the G20 forum.

The invitation reflects the UAE’s growing importance as a trade partner to the world’s leading economies.

In 2022, non-oil trade between the UAE and G20 countries exceeded $341 billion, representing 55 per cent of the UAE’s total non-oil trade.

These figures reflect a growth of 21 per cent compared to 2021. The G20 accounts for 38 per cent of the UAE’s export revenue, while 67 per cent of the UAE’s merchandise imports come from G20 member countries.

During the deliberations, Al Zeyoudi reiterated the UAE’s commitment to ensuring equitable, inclusive access to the global trading system for the nations of the Global South, underscoring the role of trade as a catalyst for industrial productivity, job creation and knowledge-sharing.

He stressed the importance of cross-border cooperation in building resilience across global value chains, underlining the need to enhance the participation of small and medium sized businesses and encourage diversification of import sources, especially for critical sectors.

Additionally, Al Zeyoudi urged ministers to continue to support the deployment of the latest technologies to increase the scale, scope and speed of trade, including leveraging technology for paperless trade.

"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 said.

During his visit to Jaipur, Al Zayoudi held bilateral meetings 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 also held talks with counterparts from several regions, including Singapore, Republic of Korea, Japan, China, Argentina, Brazil, The Netherlands and Russia.