The UAE reaffirmed its commitment to advancing the WTO reform agenda, a key priority as the country prepares to host MC13 in Abu Dhabi in February 2024.
The UAE Ministry of Economy delegation, led by Juma Al Kait, Assistant Undersecretary for Foreign Trade Affairs, Ministry of Economy, at the second G20 Trade and Investment Working Group (TIWG) meeting in Bangalore, India, highlighted the importance of cross-border cooperation – strengthening global value chain resilience Building border cooperation, emphasizing the need to strengthen the participation of small and medium-sized enterprises, and develop policies to encourage 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.
Digital Supply Chain Solutions
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 said: “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 not only contribute significantly to WTO reform but also ensure The multilateral trading system meets the needs of the 21st century.”
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 issues related to global trade and investment.
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.
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) 13th Ministerial Conference—— trade arab news agency