UAE emphasizes significance of maintaining an up-to-date, flexible global trade system at G20 ministerial meeting

H.E. Al Zeyoudi holds bilateral meetings with several ministers on the sidelines of the forum

The UAE reiterated its commitment to supporting global efforts aimed at promoting trade in line with the priorities stipulated by the G20 regarding investments and trade, during the country’s participation in the G20 trade and investment ministerial meeting that recently took place in Bali, Indonesia.  

Furthermore, the UAE emphasized the significance of maintaining a flexible global trade system that is capable of dealing with the current and future challenges and shifts, thus achieving comprehensive and sustainable development for all.

H.E. Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, headed the country’s delegation. The meeting was also attended by H.E Abdulla Salem Obaid Al Dhaheri, UAE Ambassador to Indonesia and ASEAN, and H.E Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade Affairs at the UAE Ministry of Economy.

The discussions highlighted the UAE’s successful experience, among experiences of other G20 members within the context of a study titled “Investment for sustainable development - Compendium of G20 policy practices.” The study shed light on the UAE’s ambitious development goals and its comprehensive strategies to build a knowledge-based digital economy, including the UAE’s national strategy for FDI, as a role model.

The participants agreed to set specific mechanisms out of six priorities, which include the reformation at the World Trade Organization (WTO); the role of global trading system in supporting SDGs; response to trade, investment, and industry in the face of future pandemics; e-commerce and global value chains; promoting sustainable investments for global economic recovery; and sustainable and integrated manufacturing through industry 4.0.

H.E. Al Zeyoudi commended Indonesia’s tremendous efforts in the framework of its G20 Presidency and in managing the Group’s efforts by enriching the dialogue between member states while also dealing with the challenges facing the multilateral trade system.

H.E. underlined that the next phase calls for stronger international collaboration on many key issues in order to further promote investment and trade movement between various global markets. This is the biggest guarantee to support global economic recovery efforts and achieve growth and sustainable development, he added.

The Minister further expressed the UAE’s acceptance of the trade and investment ministerial meeting closing statement. He also emphasized that the six priorities stipulated in the statement will help the continuity of global economic recovery efforts and accelerate progress towards the achievement of SDGs.

H.E. Al Zeyoudi also asserted that the UAE will continue to play its major role in promoting collaboration and harmony in the face of challenges that impact the movement of international trade. This falls in line with the county’s commitment to supporting joint efforts in building a stronger and more sustainable global economy that would eventually benefit all countries.

In his speech, H.E. focused on the significance of supporting multilateral trade to ensure the sustainable development of global economy in the long run, and to overcome current and future economic challenges such as disruption of supply chains and rising inflation rates.

In addition, H.E. Al Zeyoudi held a number of meetings on the sidelines of the G20 ministerial meetings, including one with Shri Piyush Goyal, the Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles in India. Both ministers addressed the tremendous economic benefits offered by the UAE-India comprehensive economic partnership agreement (CEPA) that came into force last May. The agreement played a key role in promoting investment and trade exchanges to achieve shared prosperity and sustainable development, they noted. The two ministers also addressed its positive impacts on the standard recovery of intra-regional trade.

Additionally, H.E. Al Zeyoudi held a meeting with Zulkifli Hasan, the Indonesian Minister of Trade, during which, they discussed the recent developments with regard to the UAE-Indonesia CEPA, which will soon come into effect.

H.E. also met with Gan Kim Yong, Singapore’s Minister of Trade and Industry, Japan's Minister of State for Economy, Trade and Industry, Damien O'Connor, Minister of Trade and Export Growth, and PAN Sorasak, Cambodia’s Minister of Commerce and Chairman of ASEAN Ministerial Committee, to discuss deepened cooperation and investment and trade relations between the UAE and these countries.