UAE says supply-chain accessibility is key to economic growth during G20 Trade and Investment working group
UAE says supply-chain accessibility is key to economic growth during G20 Trade and Investment working group
UAE says supply-chain accessibility is key to economic growth during G20 Trade and Investment working group
- The first G20 Trade and Investment Working Group under South Africa’s presidency was held virtually between March 18-20.
- HE Juma Al Kait: “We believe that trade is the main driver of economic development, positively impacting investment, industrialization, job creation and innovation, and it is incumbent on us to support a global trading system that is inclusive and accessible”.
The UAE has reaffirmed its commitment to supporting an open, rules-based trading system that promotes sustainable economic development, employment, industrialization, and shared prosperity during a meeting of the G20 Trade and Investment Working Group. Participating in the session as a specially invited guest of South Africa, who holds the G20 presidency for 2025, the UAE delegation also expressed its support for the integration of developing economies into global supply chains, the importance of achieving a just green transition and the ongoing reform of the World Trade Organization (WTO) as a means of upholding a free, fair, and inclusive multilateral trading system.
The UAE delegation was headed by His Excellency Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, and included representatives of the Ministry of the Economy and the Ministry of Investment. In his remarks to the working group, HE Juma Al Kait said the UAE trade agenda is closely aligned with the priorities of South Africa’s presidency, in particular the structural transformation of the African continent and the development of African Continental Free Trade Area. The UAE, he said, has now concluded Comprehensive Economic Partnership Agreements with five African nations – Kenya, Central African Republic, Congo-Brazzaville, Morocco and Mauritius – and has opened discussions with many more to expand the benefits of free trade and boost investment in key sectors.
His Excellency Al Kait also underlined the UAE’s investment into regional value chains, citing the UAE’s Africa Economic Corridor Strategy, which aims to increase trade by supporting the development of new logistics hubs across Sub-Saharan Africa, and the contribution of Abu Dhabi Ports and DP World to the development of integrated logistics solutions for African businesses. This is in addition to the UAE’s support for green industrialization, which is another core focus of South Africa’s G20 presidency. His Excellency noted the UAE’s significant investments in renewable energy ventures, with commitments of more than US$16.8 billion across 70 countries, the majority of them in the developing world.
In the final session, the UAE highlighted the importance of ensuring the WTO is able to fulfil its mandate as the custodian of the global trading system, especially in its ability to address economic asymmetries. He noted the unprecedented progress made on the areas of agriculture and fisheries at the 13th Ministerial Conference (MC13) of the WTO, which was held in Abu Dhabi in February, 2024, and expressed hope that consensus could be found at MC14 in Cameroon next year.
His Excellency Juma Al Kait said the Working Group is an important opportunity to build consensus among the global trading community and make the case for open, rules-based trade: “The United Arab Emirates believes that trade is the main driver of sustainable economic development, positively impacting investment, industrialization, job creation and innovation. It is incumbent on us to ensure the global trading system is inclusive and accessible – especially as we confront a rapidly evolving trading landscape. The G20’s trade priorities for 2025 are fully aligned with our own foreign trade agenda, and the Ministry of Economy and the Ministry of Investment will continue to actively contribute to this year’s TIWG sessions to ensure the benefits of trade are shared equally and equitably.”
The Trade and Investment Working Group, which was held virtually between March 18-20, was the first to be convened under South Africa’s presidency of the G20. There will be three further Working Group meetings before the Ministerial Meeting on October 10 in Gqeberha, South Africa. The G20 Presential Meeting will take place in Johannesburg in November.
