B20: United Arab Emirates Advocates Free Flow of Capital, Goods, and Services for Global Prosperity

In a powerful call for international cooperation, the United Arab Emirates (UAE) has highlighted the pivotal significance of unrestricted movement of capital, goods, and services as essential drivers of global development and economic well-being. Addressing the B20 Summit in New Delhi, India, Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, underscored the collective need to support the multilateral trading system, strengthen global supply chains, and embrace technology for enhanced supply-chain efficiency and inclusivity.

UAE’s Vision for B20: Championing Unrestricted Trade for Global Prosperity

UAE’s Vision for Global Prosperity At the B20 forum’s opening-day plenary for G20 trade ministers, Minister Al Zeyoudi reiterated the UAE’s unwavering belief that the unimpeded flow of capital, goods, and services remains an indispensable engine for economic expansion and progress, particularly for nations in the Global South. Drawing attention to the UAE’s remarkable achievement in non-oil trade, surpassing AED 2 trillion in 2022, he championed trade’s pivotal role in the UAE’s economic agenda. Furthermore, he urged nations to stand against the rising tides of protectionism and isolationism that have threatened global supply-chain resilience since the 2020 global pandemic.

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Preparation for Global Collaborative Efforts Leading up to the 13th Ministerial Conference (MC13) of the World Trade Organisation, scheduled for Abu Dhabi in February 2024, Minister Al Zeyoudi urged the international community to unite in rejuvenating global trade. His recommendations encompass strengthening dispute resolution mechanisms, enforcing regulations against market-distorting subsidies, ensuring equitable access to the global trading system, and adopting innovative technologies to bolster supply-chain sustainability and efficiency.

Forging International Partnerships During his visit to New Delhi, the minister spearheaded the UAE delegation at the India-UAE Business Forum, a collaborative initiative by the Ministry of Economy and the Federation of Indian Chambers of Commerce and Industry (FICCI). This forum explored untapped trade and investment potentials under the Comprehensive Economic Partnership Agreement that unites the two nations.

Private Sector Engagement Minister Al Zeyoudi also actively participated in a roundtable organized by the Confederation of Indian Industry (CII), fostering discussions among businesses from both countries. This roundtable focused on investment and joint-venture opportunities, particularly within domains such as energy, ICT, logistics, and food production systems.

Insights from Global Trade Risks Report Amidst the B20 Summit, Minister Al Zeyoudi unveiled a Ministry of Economy report titled “Global Trade Risks 2023: Barriers to Growth.” This report, drawn from insights gathered from over 500 global corporate leaders, identified mounting public and private debt as the most pressing threat to global trade. Additionally, it highlighted concerns related to technological advancements, cyber threats to trade infrastructure and data privacy.

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Towards a Resilient Global Trading System Minister Al Zeyoudi emphasized the report’s critical role in shaping policy decisions that will foster a more resilient and equitable global trading system. As the world approaches the G20 Summit and the forthcoming WTO Ministerial Conference (MC13) in Abu Dhabi, he underscored the significance of addressing private sector concerns, particularly regarding technology adoption and regulation.

UAE’s Commitment to Economic Growth The B20 Summit, a platform for G20 interaction with the private sector, brought together over 1,000 participants, including ministers, government officials, and CEOs. Guided by the theme “RAISE” – responsible, accelerated, innovative, sustainable, equitable – the event delved into diverse topics, including inclusive global value chains, the future of work, digital transformation, economic recovery financing, and energy and climate change.

With a delegation comprising more than 70 representatives from both public and private sectors, the UAE remains steadfast in its dedication to fostering economic growth across a spectrum of industries, ranging from health services to finance, from energy to tourism, and beyond.