H.E. Al Zeyoudi: UAE believes that the free flow of trade and investment will ensure growth & resilience of global economy

In his speech addressing ‘G20 Trade and Investment Working Group General Dialogue’

H.E. Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, emphasized the UAE’s strong position in supporting the liberalization of global trade and investment flows which stems from its strong belief in this approach as the best bet for ensuring the growth and prosperity of the global economy. Furthermore, this approach will enable the global economy to overcome the challenges it currently faces, such as rising inflation, signs of an economic slowdown, and rise of protectionism and isolationism and supply chain disruptions.

H.E. made these remarks while addressing the G20 Trade and Investment Working Group General Dialogue B20, which took place in Indonesia with the participation of over 700 attendees including ministers, dignitaries, and representatives of business organizations in the G20 member states and a number of other countries. H.E. Al Zeyoudi led the UAE’s delegation to the G20 trade and investment ministerial meetings in Indonesia.

The ‘G20 Trade and Investment Working Group’ B20 is the official forum for G20 dialogue with the global business community, and is one of the eight communication groups within the G20, which was established in 2010. It aims to raise awareness on how trade and investment have contributed to supporting the economic recovery and growth and global sustainable development. During the G20 Trade and Investment Working Group General Dialogue, strategic discussions surrounding the applicable recommendations developed by the trade and investment working group will be conveyed and strengthened during the trade and investment ministerial meetings.

H.E. Al Zeyoudi said in his speech addressing the participants at B20: “A balanced, comprehensive, and sustainable economic growth can only be achieved by meeting and speaking with companies, manufacturers, exporters, trade authorities, and the business community organizations.”

H.E. further called on the participants to keep working to address the challenges affecting the global economy, and to ensure that progress is made through the trade and investment track of G20, as well as the ‘Geneva Package’ secured at the Twelfth WTO Ministerial Conference (MC12) is not lost.

In addition, H.E. elaborated on the UAE’s pioneering experience in expanding its global trading partner network, thus ensuring the UAE’s contribution to increasing global trade and investment flows and accelerating recovery. This was achieved through the adoption of a new generation of trade partnership program known as the comprehensive economic partnerships agreements (CEPA). H.E. pointed out that the UAE has already signed three of these partnerships with India, Israel, and Indonesia, and that similar partnerships are currently in the works, as negotiations with a select groups of strategic regional and global markets are currently underway.

H.E. added that the CEPAs established by the UAE with partner countries are contributing to securing supply chains, removing the obstacles hindering trade and investment flows and accelerating the movement of products, services, capital, and talents and skills across borders, thus laying a strong foundation for a more developed and sustainable future for the global economy.

Additionally, he praised the broad consensus achieved at the trade and investment ministerial meetings of the G20 on the benefits of global trade and its ability to create opportunities, stimulate growth and support economic and social development. He further highlighted the need to continue joint and constructive work to address urgent issues that may stand in the way of achieving this goal, through promoting open, fair, inclusive and efficient global trade; facilitating innovation, digitization, and technology adoption; striving for greater inclusion in global supply and value chains, and making trade and investment one of the drivers of sustainable development.

The UAE delegation which participated in the G20 ministerial meetings included HE Abdulla Salem Obaid Al Dhaheri, UAE Ambassador to the Republic of Indonesia and ASEAN; and H.E Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade Affairs of the Ministry of Economy.