UAE participates in 'G20 Trade and Investment Working Group' meeting
24 Mar 2025 17:04
ABU DHABI (WAM) The UAE has reaffirmed its commitment to supporting an open, rules-based trading system that promotes sustainable economic development, employment, industrialisation, and shared prosperity during a meeting of the G20 Trade and Investment Working Group.Participating in the session as a specially invited guest of South Africa, who holds the G20 presidency for 2025, the UAE delegation also expressed its support for the integration of developing economies into global supply chains, the importance of achieving a just green transition, and the ongoing reform of the World Trade Organisation (WTO) as a means of upholding a free, fair, and inclusive multilateral trading system.The UAE delegation was headed by the Assistant Under-Secretary for International Trade Affairs at the Ministry of Economy, Juma Al Kait, and included representatives of the Ministry of the Economy and the Ministry of Investment.In his remarks to the working group, Al Kait said the UAE trade agenda is closely aligned with the priorities of South Africa's presidency, in particular the structural transformation of the African continent and the development of the African Continental Free Trade Area.The UAE, he said, has now concluded Comprehensive Economic Partnership Agreements with five African nations – Kenya, Central African Republic, Congo-Brazzaville, Morocco, and Mauritius – and has opened discussions with many more to expand the benefits of free trade and boost investment in key sectors.Al Kait also underlined the UAE's investment into regional value chains, citing the UAE's Africa Economic Corridor Strategy, which aims to increase trade by supporting the development of new logistics hubs across Sub-Saharan Africa, and the contribution of Abu Dhabi Ports and DP World to the development of integrated logistics solutions for African businesses.This is in addition to the UAE's support for green industrialisation, which is another core focus of South Africa's G20 presidency.He noted the UAE's significant investments in renewable energy ventures, with commitments of more than $16.8 billion across 70 countries, the majority of them in the developing world.In the final session, the UAE highlighted the importance of ensuring the WTO is able to fulfil its mandate as the custodian of the global trading system, especially in its ability to address economic asymmetries.He noted the unprecedented progress made in the areas of agriculture and fisheries at the 13th Ministerial Conference (MC13) of the WTO, which was held in Abu Dhabi in February 2024, and expressed hope that consensus could be found at MC14 in Cameroon next year.
Al Kait said the Working Group is an important opportunity to build consensus among the global trading community and make the case for open, rules-based trade, 'The United Arab Emirates believes that trade is the main driver of sustainable economic development, positively impacting investment, industrialisation, job creation and innovation. It is incumbent on us to ensure the global trading system is inclusive and accessible – especially as we confront a rapidly evolving trading landscape. The G20's trade priorities for 2025 are fully aligned with our own foreign trade agenda, and the Ministry of Economy and the Ministry of Investment will continue to actively contribute to this year's TIWG sessions to ensure the benefits of trade are shared equally and equitably.'
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