The UAE has participated in the third meeting of the G20 Trade and Investment Working Group (TIWG) held recently in Kevadia, India.
Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the UAE Ministry of Economy, represented the UAE at talks between G20 member countries, invitee nations, regional assemblies and international organisations.
The UAE is an invited guest of India under its presidency of the G20.
Designed to foster an open, inclusive and transparent global trading system, the G20 Trade and Investment Working Group centres around five priority issues, including Trade for Growth & Prosperity, Resilient Trade and Global Value Chains (GVCs), Integrating MSMEs in World Trade, Logistics for Trade, and World Trade Organization (WTO) Reform. The outcomes of the meeting will be taken forward to the G20 Leaders’ Summit on September 9-10 in New Delhi.
Commenting on the meeting, Juma Al Kait said: “The G20 nations represent 85 percent of global GDP and 75 percent of international trade, so these discussions play a significant role in building consensus in the issues impacting the global trading system. The UAE was able to put forward a vision that reflects the needs of the 21st century, including the widespread adoption of technology to improve the transparency and accessibility of supply chains, and stronger governance to enhance dispute resolution processes and prevent market-distorting subsidies. We look forward to further discussion and dialogue on these topics in the weeks and months ahead.”
The UAE will continue to shape the future of trade as host of the WTO’s 13th Ministerial Conference (MC13) in Abu Dhabi in February 2024. In January, the UAE partnered with the World Economic Forum (WEF) to launch the global Trade Tech Initiative, which is designed to accelerate the digitisation of international supply chains, enhance customs procedures, improve developing countries’ access to the global trading system, and spur a new era of trade growth.