After the successful holding of the 30th ministerial conference of the World Trade Organization in Abu Dhabi, UAE, they continue to fulfill their obligations to lead in international efforts for the development of more flexible and effective global supply chains and strengthening strategic partnerships that contribute to achieving equitable and inclusive economic growth for all.
The Minister of Foreign Trade of the UAE stressed that the country's participation in the Business Summit of the "Group of Twenty" confirms its active and influential role in the international community, placing it at the forefront of efforts to stimulate global economic growth, increasing trade and investment flows for ensuring sustainable development and overall prosperity worldwide.
The "G20 Summit" represents an important opportunity for dialogue and strengthening long-term partnerships with the largest global economies, discussing vital issues of global trade, such as sustainable development, investment, food security, and reducing non-tariff barriers.
As mentioned, the UAE participates in this summit with the aim of strengthening multilateral trade cooperation and developing long-term partnerships with the countries of the "G20" that support the country’s position as a global trade center, connecting continents through the creation of promising trade and investment pathways.
In this context, at the summit, business leaders and decision-makers from the "G20" countries and guest countries discussed global economic challenges and offered solutions for strengthening sustainable global trade.
The UAE delegation actively participated in meetings and working group sessions, focusing on the reforms of the World Trade Organization, strengthening the multilateral trade system and supporting sustainable trade practices, stimulating investment, as well as enhancing the effectiveness of international trade systems and the flexibility of supply chains, preparing recommendations for the leaders' summit in November this year.
The B20 Forum turned out to be a platform for strengthening economic relations between the UAE and the largest economies worldwide, as well as opening new perspectives for cooperation in areas such as renewable energy, trade and investment, technology and innovation, agriculture and food security, education, and other prospective sectors for achieving sustainable development.
The UAE's trade, excluding oil, continues to grow with the leading economies worldwide, where the economies of the "G20" group made $196.1 billion in the first half of 2024, which is 4.1% higher than the previous year. This growth has been possible due to the record increase in UAE's non-oil exports by 11.5%, reaching $393.2 billion in 2023, reflecting the growing economic relations between the UAE and major global economies.
