UAE Reaffirms Commitment To Open Trade And WTO Reform At G20 Ministerial Meeting In Brazil

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, emphasised the UAE's dedication to open and rules-based trade at the G20 Trade and Investment Ministerial Meeting (TIMM) in Brazil. He advocated for World Trade Organization (WTO) reform to support multilateralism and ensure fair access to global supply chains for all nations. The UAE participated as an invited guest, highlighting its increasing influence on global trade matters.

During the meeting, which will influence the G20 Leaders’ Summit outcomes in November 2024, Al Zeyoudi addressed two main topics: WTO reform and trade’s role in sustainable development. The UAE delegation included Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, who led participation in the final G20 Trade and Investment Working Group meeting, along with Saleh Ahmad AlSuwaidi, UAE Ambassador to Brazil.

Al Zeyoudi highlighted that decisions from the 13th Ministerial Conference of the WTO (MC13) in February 2024, culminating in the Abu Dhabi Declaration, marked significant progress in areas like dispute resolution. He urged the G20 to commit to open trade as a growth driver and resist protectionism, which could hinder global growth and progress towards the United Nations’ Sustainable Development Goals.

He also encouraged G20 members to use technology for greener trade practices to address climate change and supply-chain disruptions. Al Zeyoudi welcomed the "G20 Compendium of Best Practices to Increase Women’s Participation in International Trade," noting that women-run SMEs are crucial for emerging markets' economies and need fair access to international markets.

During his visit to Brasilia, Al Zeyoudi met with Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry of Singapore. He also held discussions with representatives from nations involved in the UAE’s Comprehensive Economic Partnership Agreement program. These included Todd McClay from New Zealand, Inkyo Cheong from South Korea, Shri Jitin Prasada from India, and George Mina from Australia.

Additionally, he engaged with Márcio Elias Rosa from Brazil's Ministry of Development, Industry, Commerce and Services. Meetings were also held with Valdis Dombrovskis from the EU and other G20 member blocs such as Diana Elena Mondino from Argentina; Jonathan Reynolds from the UK; Helene Budliger from Switzerland; and Wang Shouwen from China.

UAE's Role in Global Trade

The G20 membership represents 85 percent of global GDP and 75 percent of international trade. In 2023, non-oil trade between the UAE and G20 members exceeded US$393.2 billion—a 54 percent increase since 2019—highlighting the UAE’s expanding role as a global trade hub and key economic partner.

Al Zeyoudi stated that meetings like TIMM offer opportunities for advocating trade as a bridge between nations. "The G20 Trade and Investment Ministerial Meeting is an important platform for addressing issues impacting global trade," he said. "We all agree on the need for key reforms to the WTO... What we need now is a coordinated action plan."

With inputs from WAM