UAE Participates In G20 Finance Ministers Meeting, Eyes On Sustainable Goals

The United Arab Emirates (UAE) recently marked its presence at the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting of 2024, hosted by Brazil. This significant participation underscores the UAE's dedication to addressing global challenges such as hunger, poverty, and inequality, and its commitment to fostering sustainable development and equitable governance worldwide.

Representing the UAE were esteemed delegates from the Ministry of Finance and the Central Bank of the UAE. The delegation's involvement aligns with the nation's strategic objectives of promoting global economic cooperation and enhancing international partnerships.

Mohamed Hadi Al Hussaini, the UAE's Minister of State for Financial Affairs, played a pivotal role in the discussions. He showcased the UAE's achievements in climate financing and sustainable development, offering to share insights and experiences with Brazil, the upcoming host of the 2025 UN Climate Change Conference (COP30). Al Hussaini's engagements extended to bilateral meetings with officials from South Africa, Germany, and the Development Bank of Latin America and the Caribbean, where he explored potential areas for mutual cooperation.

One of the key initiatives highlighted by Al Hussaini was the launch of the Financial Infrastructure Transformation Program in 2023. This program is part of the UAE's efforts to promote financial inclusion and address challenges impacting medium-term growth prospects, such as the slowdown in world economic growth and global trade. The minister emphasized the importance of multilateral cooperation, especially as the UAE prepares to host the 13th WTO Ministerial Conference.

The UAE also reaffirmed its support for the Organisation for Economic Co-operation and Development's (OECD) work on taxation. This includes implementing a corporate tax regime in 2023 and adopting legislation that aligns with the OECD Pillar 2 solution for a global minimum tax.

The meeting covered a wide range of topics critical to global economic stability and growth. Discussions encompassed economic policies aimed at reducing inequalities, perspectives on growth, inflation, financial stability, international taxation, global debt, and financing for sustainable development. Participants also deliberated on the impact of artificial intelligence on employment and inflation, future challenges in the financial sector, development financing, public debt vulnerabilities, and innovative instruments for scaling up development financing resources.

This year marked the UAE's fifth participation in a G20 event or summit since the group's establishment. The country has previously participated as a guest in meetings held in India, Indonesia, Saudi Arabia, and France. Through its active involvement in these international forums, the UAE continues to demonstrate its commitment to contributing constructively to global economic discussions and solutions.

With inputs from WAM