UAE, Swiss ministers discuss ways to enhance financial partnerships

Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, met virtually with Ueli Maurer, Swiss Minister of Finance, to discuss ways to strengthen strategic relations and partnerships between the two countries.

Al Tayer praised the strong bilateral relations between the UAE and Switzerland, stressing the need to continue dialog between the two countries to strengthen cooperation frameworks and open new horizons for joint work in various economic, financial and trade fields.

He said, “The UAE and Switzerland are looking forward to strengthening their strategic relationship and benefiting from the G20 platform and the strong bilateral cooperation ties that connect the two friendly countries.”

The meeting discussed several issues of mutual interest, most importantly the tax challenges arising from the digital economy within the OECD G20 project regarding axes 1 and 2 of international tax policies, and combating tax base erosion and profit shifting.

The ministers also reviewed the financial inclusion programme in relation to cross-border payments, remittances and digital currencies, and the two countries’ experiences towards their participation in the G20 financial track for this year as guest countries from outside the G20.

The UAE will continue to participate in the G20’s Global Partnership for Financial Inclusion, GPFI, for the next three years as a non-G20 member.

Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, Saeed Rashid Al Yateem, Assistant Under Secretary of Resource and Budget Sector at the Ministry of Finance, in addition to Daniela Stoffel, State Secretary for international affairs, Christoph Schelling, Head of the Tax Division of the State secretariat of international affairs, Alexandra Baumann, Diplomatic Advisor to the Minister also attended the meeting.

Earlier the Ministry of Finance (MoF) participated in the G20 Finance Track’s third and final Global Partnership for Financial Inclusion (GPFI) meeting, which took place virtually.

The meeting focused on the assessment of this year’s achievements and set the stage for the Global Partnership for Financial Inclusion meeting (GPFI) 2021 priorities and work plan. Mariam AlHajri, Deputy Director of the General Department at MoF attended the meeting.

The ministry highlighted the need to address all barriers obstructing the advancement of a fair and equitable financial inclusion for all people in need.

More specifically, it emphasised the importance of aligning with the UN Sustainable Development Goals recommendations about enhancing the representation of countries on the global stage through developing a partnership strategy while also enhancing the collaboration and learning with other G20 working groups. As the UAE now prepares to participate in the GPFI meetings as a non-G20 member for the next three years, it has suggested three key priorities to be taken forward under the G20 Italian presidency in 2021. These include the development of digital platforms to intensify the knowledge transfer among GPFI members, the need to focus on women entrepreneurship and the provision of government support in SME financing.

The outcomes of this GPFI meeting will be discussed during the upcoming fourth ordinary Finance Ministers and Central Bank Governors meeting in October 2020 and to G20 leaders in November 2020. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, MoF, participated earlier in a high-level G20 virtual forum titled ‘Enhancing Access to Opportunities in the Middle East,’ organised by the International Monetary Fund, IMF, the Saudi Ministry of Finance and the Saudi Arabian Monetary Authority. During the forum, the participants deliberated ways to enhance access to opportunities in Arab countries.

It also aimed to benefit from global and regional experiences in combatting the COVID-19 pandemic. Mohammed bin Abdullah Al-Jadaan, Saudi Minister of Finance; Dr. Ahmed Alkholifey, Governor of the Saudi Arabian Monetary Authority; and Ms. Kristalina Georgieva, Managing Director of IMF, Arab finance ministers and central bank governors, and leaders of international and regional financial institutions participated in the meeting.

During the forum, Al Khoori highlighted the need to benefit from opportunities in light of the COVID-19 crisis, and to enhance countries’ ability to adapt to the new environment it imposed.

He emphasised enhancing market connectivity, creating platforms to help build talent, and facilitating access to knowledge and flexibility in labour markets. He stressed the need to ensure the private sector’s participation and bridge the financing gap for small and medium-sized enterprises, SMEs. He also called for cooperation and working towards recovering and achieving sustainable and inclusive growth to enhance future generations’ well-being and prosperity. He said, “Despite the crisis, we are facing, we have witnessed new opportunities in various sectors, including telecommunications, e-payments, education technologies and healthcare services, which reaffirms that opportunities still exist.”

WAM