Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, highlighted the strengthening trade and investment ties between the UAE and G20 countries. In 2022, non-oil trade reached $341 billion, accounting for 55% of the UAE’s total non-oil trade.
This represented a 21% increase from 2021, with significant growth of 56% and 34% from 2020 and 2019, respectively. G20 nations are the UAE’s largest trading partners, contributing to 43% of non-oil exports, 39% of re-exports, and 67% of imports.
Al Zeyoudi emphasized the UAE’s commitment to open and free trade, positioning it as a major player in the global economy, actively fostering global ties. Non-oil trade with G20 countries continued to rise in the first half of 2023, reaching $181.9 billion, a 14.4% increase from the same period in 2022.
Non-oil exports to G20 countries grew by 10.6%, reaching $23.4 billion, while re-exports increased by 14% to $38 billion, and imports rose by 15.2% to $120.5 billion.
The UAE’s investment relations with G20 nations have flourished, with Emirati investments exceeding $215 billion in these countries by the end of 2021, representing 92.5% of all UAE investments globally. Additionally, G20 countries’ investments in the UAE totaled more than $74.2 billion, constituting 43.3% of all foreign direct investment (FDI) in the UAE.
The minister emphasized the UAE’s invitation to the G20 Summit as recognition of its status as a major economic player, highlighting its role as a gateway for the flow of goods and services and its commitment to equitable access to the global trading system for Global South nations.
Al Zeyoudi stressed the importance of cross-border cooperation for building resilience in global value chains and encouraging diversification of import sources, especially for critical sectors.