The UAE promotes open inclusive trade at the G20 Trade and Investment Ministerial Meeting in Brazil. This meeting, held on October 25, 2024, showcased the UAE’s commitment to a rules-based global trading system. Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, highlighted the importance of World Trade Organization reform. He emphasized that these reforms can advance multilateralism and ensure equitable access for all nations to global supply chains.
Importance of WTO Reform for Open Trade
During the meeting, Al Zeyoudi addressed two significant sessions focusing on WTO reform and the global trading system. The first session tackled the need to strengthen the multilateral trading system. The second session explored the role of trade in sustainable development and investment. With the G20 Leaders’ Summit approaching in November 2024, these discussions will significantly influence the summit’s outcomes.
The UAE delegation, which included Juma Al Kait, Assistant Undersecretary for International Trade Affairs, participated actively. Al Zeyoudi stressed that the decisions made during the 13th Ministerial Conference of the WTO must be implemented effectively. He called on G20 members to reaffirm their commitment to open trade as a driver of growth. By pushing back against protectionism, nations can foster progress toward the United Nations’ Sustainable Development Goals.
Leveraging Technology for Greener Trade Practices
Al Zeyoudi also urged G20 members to leverage technology to promote greener and more efficient trade practices. This approach can address climate change challenges and supply chain disruptions effectively. He welcomed the publication of the “G20 Compendium of Best Practices to Increase Women’s Participation in International Trade.” Al Zeyoudi noted that women-run small and medium-sized enterprises are vital for the economies of emerging markets. Ensuring equitable access to international markets for these businesses is essential.
In his remarks, Al Zeyoudi articulated the importance of trade as a bridge between nations. He described the G20 Trade and Investment Ministerial Meeting as a crucial platform for addressing global trade issues. The UAE aims to champion multilateralism and collaborate with partners worldwide. Together, they can ensure that trade delivers long-term sustainable growth for all nations. A coordinated action plan is necessary to transform declarations into actionable policies.
Building Strong Bilateral Relations
During his visit to Brasilia, Al Zeyoudi engaged in bilateral meetings with key trade ministers from various nations. He met with Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry of Singapore. Discussions also included trade ministers from New Zealand, South Korea, India, and Australia. Such meetings enhance the UAE’s Comprehensive Economic Partnership Agreement program and strengthen international relationships.
Al Zeyoudi’s meetings extended to representatives from Brazil and G20 member blocs. He interacted with Valdis Dombrovskis, Executive Vice-President and Trade Commissioner for the EU. Other discussions involved ministers from Argentina, the United Kingdom, Switzerland, and China. These interactions underscore the UAE’s growing influence as a global trade hub.
The G20 represents a significant portion of the global economy, accounting for 85 percent of global GDP and 75 percent of international trade. In 2023, non-oil trade between the UAE and G20 members surpassed USD 393.2 billion. This figure reflects a 54 percent increase compared to 2019, further cementing the UAE’s role as a key player in economic collaboration.
By promoting open inclusive trade at the G20 meeting, the UAE continues to advocate for a fair and equitable global trading system. Through reform and collaboration, nations can work together to enhance prosperity and sustainability for all.