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, where he joined ministers and trade officials to deliver a slate of proposals to advance global trade and ensure it continues to deliver long-term growth and economic development for all nations.
The UAE participated in the B20 Summit 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 US$341 billion, representing 55 percent of UAE’s total non-oil trade. These figures reflect a growth of 21 percent compared to 2021, and 56 percent, 34 percent compared to 2020 and 2019 respectively.
The G20 accounts for 38 percent of the UAE’s export revenue, while 67 percent 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.
Al Zeyoudi further 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, and reiterated the UAE’s keenness to drive progress on the WTO reform agenda, which he said is a key priority as the nation prepares to host MC13 in Abu Dhabi in February 2024.
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 of Foreign Trade commented.
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