UAE supports efforts to reinforce international trade, investment

The UAE confirmed its commitment to supporting all global efforts to reinforce international trade and investment. This statement was made during the country’s participation in the closing meeting of G20 trade and investment ministers, which was held remotely and chaired by Saudi Arabia. The UAE was represented by Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.

During his speech at the meeting, Dr Al Zeyoudi stressed the importance of promoting international cooperation to address the challenges imposed by the global pandemic, as well as supporting less developed countries, small and medium-sized enterprises, and those in need of assistance, such as women and the youth.

The coming period requires efficient global cooperation in several key areas, most notably maintaining the openness of trade, achieving sustainable development, ensuring economic diversification, realising the key role of trade services and free economic zones, accelerating digital transformation, and bridging the digital gap between countries, he added.

The challenges imposed by the global pandemic have shown the critical need to continue reforming the multilateral trade system, under the framework of the World Trade Organisation, WTO, and in light of the WTO’s goals and guiding principles, he further added, stressing that the “Riyadh Initiative” has created a new platform for countries to discuss the required reforms.

In his speech, Al Zeyoudi stressed the UAE’s commitment to restoring its national economic activities and supporting other countries, highlighting the country’s belief that fully recovering from the crisis requires cooperation between countries.

The G20 Trade and Investment Ministers, met virtually on Sept.22, 2020, under the G20 Saudi Presidency, to further strengthen G20 trade and investment cooperation.

A joint communique issued at the end of the meeting said: ‘’Amid the COVID-19 pandemic, we will continue our cooperation and coordination to support recovery of international trade and investment; support the necessary reform of the World Trade Organisation (WTO) to which the Riyadh Initiative on the Future of the WTO provides political support.

It meant to encourage greater international competitiveness of Micro-, Small and Medium-Sized Enterprises, MSMEs.

It also foster economic diversification; and strengthen international investment.’’

‘’We continue to endorse the “G20 Actions to Support World Trade and Investment in Response to COVID-19” which we will continue to implement. We will continue to do whatever it takes and to use all available policy tools to minimize the economic and social damage of the pandemic, restore global growth, maintain market stability, and strengthen resilience, as mandated by our Leaders,’’ the minister affirmed.

The UAE’s Ministry of Finance (MoF) and the Ministry of Health and Prevention (MoHAP) recently participated in the virtual Joint Meeting of G20 Finance and Health.

The meeting sought to discuss the latest developments about the global economy, and to review and endorse the G20’s statement regarding the joint health and finance response to the COVID-19 pandemic.

The finance ministers of the G20 member stressed the need for all international efforts to develop effective plans to mitigate the repercussions of COVID-19 and accelerate the process of economic recovery in a way that guarantees strong and balanced global economic growth.

Younis Haji Al Khoori, Under-Secretary of MoF, represented Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs, and Dr. Yousif Mohammed Al Serkal, Director-General of the Emirates Health Services Establishment, represented Abdul Rahman bin Mohammad Bin Nasser Al Owais, Minister of Health and Prevention, in addition to several health and finance ministers of the G20 member, International Organisations, and other invited countries attended the meeting.

The ministers endorsed the G20 joint statement on the joint health and financial response to counter the effects of COVID-19, which emphasised the importance of joint international cooperation to enable the health sector to face various crises in the future.

The ministers tasked the different G20 work groups to organise their agendas in line with the joint statement and the G20 Action Plan, which aims to mitigate the aftermath of COVID-19 for the remainder of this year.

They also tasked them to continue assessing and reporting back on the progress in the upcoming ministerial meetings. G20 Finance Ministers and Central Bank Governors will meet on Oct.14, 2020, to review the progress in the G20’s statement regarding the joint health and finance response to the COVID-19 pandemic.

WAM