UAE’s Role in Global Trade Highlighted at G20 Meeting
Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, emphasized the importance of open and fair trade at the G20 Trade and Investment Ministerial Meeting in Brazil. The UAE, invited by Brazil, showcased its growing influence in global trade discussions.
Key Discussions at the Meeting
Al Zeyoudi participated in sessions focusing on World Trade Organization (WTO) reforms and the role of trade in sustainable development. He highlighted the significance of the Abu Dhabi Declaration from the 13th WTO Ministerial Conference and urged the G20 to support open trade and resist protectionism.
Promoting Sustainable Trade
Al Zeyoudi encouraged the use of technology for greener trade practices and supported the ‘G20 Compendium of Best Practices to Increase Women’s Participation in International Trade.’ He stressed the importance of women-run SMEs in emerging markets.
Meetings with Global Leaders
During his visit, Al Zeyoudi met with various international leaders, including Singapore’s Deputy Prime Minister Gan Kim Yong and trade ministers from New Zealand, South Korea, India, and others. These discussions were part of the UAE’s Comprehensive Economic Partnership Agreement program.
UAE’s Growing Trade Influence
The UAE’s non-oil trade with G20 members reached over $393.2 billion in 2023, marking a 54% increase since 2019. This growth highlights the UAE’s role as a key global trade hub.
Doubts Revealed
UAE -: UAE stands for the United Arab Emirates, which is a country in the Middle East known for its modern cities like Dubai and Abu Dhabi.
Thani bin Ahmed Al Zeyoudi -: Thani bin Ahmed Al Zeyoudi is a government official from the UAE who works on matters related to foreign trade.
G20 -: G20 is a group of 20 major economies in the world, including countries like India, the USA, and China, that meet to discuss global economic issues.
WTO -: WTO stands for the World Trade Organization, which is an international group that helps countries trade with each other smoothly and fairly.
Abu Dhabi Declaration -: The Abu Dhabi Declaration is a statement or agreement made in Abu Dhabi, the capital of the UAE, focusing on important issues like trade and cooperation.
Protectionism -: Protectionism is when a country tries to protect its own businesses by making it harder for foreign goods to enter, often by adding taxes or rules.
Sustainable trade practices -: Sustainable trade practices are ways of trading that do not harm the environment and ensure resources are available for future generations.
Women’s participation in international trade -: This means encouraging and supporting women to be involved in trading goods and services between countries, helping them to have equal opportunities in business.
Non-oil trade -: Non-oil trade refers to the exchange of goods and services that do not include oil, which is important for countries like the UAE that are known for oil production.
