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Tuesday, February 27, 2024

UAE urges free flow of capital, goods, services at B20 India

UAE Urges Global Trade Openness at B20 Summit in India: Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has emphasized the need for international collaboration to ensure the unhindered flow of capital, goods, and services, which underpins worldwide development and economic growth.

Speaking at the B20 Summit in New Delhi, India, Al Zeyoudi stressed collective efforts to bolster the multilateral trading system, enhance global supply chains, and expedite technology implementation for supply-chain efficiency and inclusivity.

Addressing the G20 trade ministers, Al Zeyoudi highlighted that the UAE considers the unimpeded movement of capital, goods, and services essential for economic advancement, especially in the Global South.

Citing the UAE’s non-oil trade figures surpassing AED 2 trillion for the first time in 2022, he advocated for trade’s role in economic growth while cautioning against rising protectionism and isolationism brought about by the 2020 global pandemic.

In anticipation of the World Trade Organisation’s 13th Ministerial Conference in Abu Dhabi in February 2024, Al Zeyoudi urged global collaboration to reinvigorate trade by strengthening dispute resolution mechanisms, enforcing rules on market-distorting subsidies, ensuring equitable trading access, and embracing innovative technologies for supply-chain enhancement and sustainability.

Al Zeyoudi’s visit to the B20 Summit also included participation in the India-UAE Business Forum, discussing untapped opportunities offered by the Comprehensive Economic Partnership Agreement between the two nations.

He engaged in a roundtable hosted by the Confederation of Indian Industry (CII) to explore investment prospects in energy, ICT, logistics, and food production.

During the summit, Al Zeyoudi introduced a Ministry of Economy report titled “Global Trade Risks 2023: Barriers to Growth,” revealing concerns from over 500 corporate leaders about threats to global trade. Rising debt levels and its impact on investment, financial liquidity, and consumer demand emerged as the foremost concern, followed by technology-related risks such as rapid technological changes, cyberthreats, and data privacy concerns.

Al Zeyoudi affirmed the report’s significance in shaping policies for a resilient global trading system, highlighting the need to address technology-related challenges and create a trading framework suited to the modern era.

The B20 Summit, the G20’s official platform for private sector dialogue, convened over 1,000 participants, including ministers, government officials, and global CEOs. The UAE delegation, representing a diverse range of sectors, participated in discussions addressing inclusive value chains, the future of work, digital transformation, economic recovery financing, and environmental sustainability.

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