UAE calls for free flow of capital, goods and services
Al Zeyoudi attended a Confederation of Indian Industry (CII) roundtable discussing investment and joint-venture opportunities in energy, ICT, logistics, and food production systems.
UAE delegation comprises over 70 representatives from various sectors, including health services, energy, agriculture, food security, tourism, logistics, aviation, finance, and more, according to a press release on Zawya.
Speaking at the B20 Summit in New Delhi, India, Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi stressed the need for collective action to support the multilateral trading system, strengthen global supply chains and accelerate the use of technology to improve the efficiency and inclusiveness of supply chains.
Al Zeyoudi underlined the UAE's belief that the free flow of goods, services and capital remains a key driver of economic growth and development, particularly for the Global South, during a special plenary session for G20 trade ministers on the opening day of the B20 Forum.
Noting that the country's non-oil trade has surpassed the AED2 trillion mark for the first time, reaching AED2.233 by 2022, he advocated the role of trade in the UAE's economic agenda, urging nations to resist the rise of protectionism and isolationism.
Ahead of the World Trade Organisation's (WTO) 13th Ministerial Conference (MC13) in Abu Dhabi in February 2024, the Minister called on the international community to come together to reinvigorate global trade by strengthening dispute settlement mechanisms, enforcing rules on market-distorting subsidies, ensuring equitable access to the global trading system and, importantly, harnessing new technologies to improve the efficiency and sustainability of supply chains.
The Minister also led the UAE delegation to the India-UAE Business Forum, organised jointly by the Ministry of Economic Affairs and the Federation of Indian Chambers of Commerce and Industry (FICCI), during his visit to New Delhi.
It also highlighted untapped opportunities for trade and investment under their Comprehensive Economic Partnership Agreement.
Dr. Thani announced the launch of a Ministry of Economy report titled "Global Trade Risks 2023: Barriers to Growth," which surveyed over 500 corporate leaders worldwide. It identified the rising level of public and private debt as the single largest threat to global trade, with 61% of respondents stating it will have a high, very high, or extremely high impact.
The next three largest risks were related to technology, rapid technological advances, cyberthreats to trade infrastructure, and data privacy concerns. The depletion of natural resources, particularly water access, was identified as the biggest environmental risk, with a higher likelihood than another pandemic.
The report highlights the fragility of the global trading system and the need for work to return to a safer footing. The perspectives presented in the report are crucial for shaping policy decisions to create a more sustainable, equitable, and resilient global trading system.
The B20 Summit, organised by the Confederation of Indian Industry (CII) under the acronym RAISE, attracted over 1,000 participants and focused on issues like inclusive global value chains, the future of work, skilling, mobility, digital transformation, financing for economic recovery, and energy, climate change, and resource efficiency.
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