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Thursday, September 28, 2023

Emirates News Agency – UAE participates in G20 trade and investment working group meeting in India


BANGALORE, India, 30th May, 2023 (WAM) — Juma Al Kait, Assistant Undersecretary for Foreign Trade Affairs, Ministry of Economy, led the UAE Ministry of Economy delegation to the second meeting of the G20 Trade and Investment Working Group (TIWG) in Bengaluru, India, in May.

Held during India’s G20 presidency, the three-day forum brought together more than 100 representatives from G20 member countries, invited countries, regional blocs and international organizations to discuss key global trade and investment issues.

The G20’s ongoing work on trade and investment builds on key outcomes of the World Trade Organization’s Twelfth Ministerial Conference (MC12) in Geneva, which included major breakthroughs in fisheries subsidies and dispute settlement. It now seeks to speed up WTO reform to ensure an open, inclusive and transparent global trading system, which is critical to ensuring growth and opportunity for all members.

During the TIWG meeting, Al Kait reiterated the UAE’s commitment to advancing the WTO reform agenda, a key priority as the country prepares to host MC13 in Abu Dhabi in February 2024. He also highlighted the importance of cross-border cooperation in building resilience across global value chains, emphasizing the need to strengthen the participation of SMEs and design policies that encourage the diversification of import sources.

Al Kait also welcomed discussions around the digitization of trade, particularly as it pertains to enabling businesses to bring new products and services to more digitally connected customers around the world, which he said was a key driver of increased scale, scope and international trade speed.

Accelerating investment in digital supply chain solutions remains at the top of the UAE’s economic agenda, he said, affirming the UAE’s commitment to establishing virtual trade corridors to facilitate seamless, paperless trade using digital exchange systems.

Al Kait added, “The UAE’s participation in the G20 trade and investment track reflects our growing role in driving cooperation and building consensus on key issues affecting international trade. These discussions will contribute significantly to WTO reform and ensure multilateral trade The system meets the needs of the 21st century.”

Progress made through the various G20 working groups will be presented to the upcoming G20 Leaders’ Summit in New Delhi, India, on September 9-10.

The UAE’s participation in the G20 process comes as it prepares to host the World Investment Forum organized by the United Nations Conference on Trade and Investment (UNCTAD) in October, the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in November, and the World Trade Organization (WTO) meeting next year. WTO) Thirteenth Ministerial Conference.


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