UAE Enhances Productive Relations With G20 Member Nations At B20 Summit In Brazil

The UAE recently hosted the UAE-Global Business Forum alongside the B20 meeting. Organised by the UAE Ministry of Economy with support from the UAE Embassy and Consulate in Brazil, this event aimed to strengthen ties between the UAE and multinational corporations. It highlighted the UAE's strategic position as a global trade hub, offering access to international markets. Discussions focused on expanding trade and investment in renewable energy, technology, and food security.

Dr Thani bin Ahmed Al Zeyoudi led the UAE delegation at the B20 Summit in Sao Paulo, Brazil. This summit, held on October 24-25 under the theme "Inclusive Growth for a Sustainable Future," gathered around 1,000 business leaders from G20 nations. The event provided a platform for discussing sustainable business practices and inclusivity, especially for women-owned businesses. Recommendations from this summit will be presented to G20 leaders in November.

The UAE's participation in the B20 Summit as an invited guest of Brazil underscores its growing influence in global trade and investment. The delegation included Saleh Ahmad AlSuwaidi, Abdalla Shaheen, Juma Mohammed Al Kait, and 30 senior officials and business leaders from various sectors. This highlights the UAE’s commitment to fostering international cooperation and driving sustainable economic growth.

During meetings with G20 counterparts, representatives from UAE companies explored new trade avenues aligned with their long-term goals for sustainable development. Dr Thani Al Zeyoudi emphasised how innovation in the private sector can shape future global trade through new technologies that enhance efficiency and transparency.

Dr Thani Al Zeyoudi stated, "The B20 Summit is a vital platform to strengthen collaboration between the public and private sectors. It is important that policymakers listen to the expertise and insights from those who utilise global supply chains day in, day out to ensure they remain the enablers of growth and not barriers to it." He also reiterated the UAE’s dedication to an efficient trading system that benefits all participants.

The forum saw participation from diverse sectors including education, innovation, health services, energy, agriculture, tourism, industry, ports and logistics, aviation, finance, defense, and sports. This diversity underscores the broad scope of interests represented by the UAE delegation at both events.

Trade Growth with G20 Nations

The UAE’s trade with G20 countries reached over $196.1 billion in early 2024, marking a 4.1% increase compared to last year. This figure represents more than half of the UAE's total non-oil trade. In 2023 alone, non-oil trade with G20 nations surpassed $393.2 billion—a 15.3% rise from 2022—demonstrating robust growth in economic relations.

The recommendations made during these discussions will be shared with G20 leaders at their upcoming summit in Rio de Janeiro. These efforts reflect ongoing initiatives to enhance global economic cooperation while promoting sustainable development across various industries.

With inputs from WAM