RIYADH: With the dual objectives of driving economic growth and fostering worldwide development, the UAE has reiterated its call for increased international collaboration to facilitate the seamless movement of capital, goods and services.
Addressing the B20 Summit in New Delhi, India, Thani bin Ahmed Al-Zeyoudi, the minister of state for foreign trade, underscored the necessity for collective action to support the multilateral trading system.
Al-Zeyoudi further emphasized the importance of strengthening international supply chains and accelerating technology integration to enhance supply-chain efficiency and inclusivity. His remarks were directed toward an audience of ministers and senior government officials.
With the UAE’s non-oil trade reaching 2.23 trillion dirhams ($607 billion) in 2022, surpassing the 2 trillion dirhams mark for the first time, the minister highlighted the vitality of trade in the country’s economic agenda.
He also urged nations to thwart the rise of protectionism and isolationism, which have threatened supply-chain integrity since the global pandemic.
Al-Zeyoudi called for global collaboration to rejuvenate international trade in preparation for the World Trade Organization’s 13th Ministerial Conference, scheduled for February 2024 in Abu Dhabi.
He suggested it could be achieved by enhancing dispute-resolution mechanisms, maintaining regulations against market-distorting subsidies, ensuring equitable global trading access and adopting new technologies for supply-chain sustainability and efficiency.
During his visit to New Delhi, Al-Zeyoudi represented the UAE delegation at the India-UAE Business Forum. The forum explored untapped trade and investment opportunities presented by the Comprehensive Economic Partnership Agreement between the two nations.
The event, organized by the Ministry of Economy in partnership with the Federation of Indian Chambers of Commerce and Industry, facilitated discussions between business representatives from both countries.
At the forum, representatives delved into investment and joint-venture prospects across energy, ICT, logistics and food production systems.
Al-Zeyoudi also unveiled the “Global Trade Risks 2023: Barriers to Growth” report during the B20 Summit. The study, produced by the Ministry of Economy, gathered insights from over 500 global corporate leaders about the most significant threats to international trade.
Survey results indicated that the most significant risk to global trade is the rising levels of public and private debt and their repercussions on consumer demand, financial liquidity, investment and the demand for goods.
Risks related to technology adoption and regulation followed closely, including quick technological change, cyber threats to trade infrastructure and data privacy issues.
Furthermore, the report highlighted environmental risks, particularly the depletion of natural resources and reduced access to water.
Al-Zeyoudi said: “The perspectives presented in the Global Trade Risks report are central to informing and shaping the policy decisions required to create a more sustainable, equitable and resilient global trading system.”
He added: “As we move toward the G20 Summit and the WTO’s Ministerial Conference in Abu Dhabi next year, we must understand the private sector’s concerns and develop a policy program that properly addresses them. In particular, the high ranking of technology adoption and regulation concerns underscore the work required to create a global trading system fit for the 21st century.”
