The United Arab Emirates is participating in the activities of the 18th Summit of Heads of State and Government of the Group of Twenty, which includes the world’s largest economies, and will be held in the Indian capital, New Delhi, over the course of September 9 and 10, with the aim of enhancing international cooperation and achieving sustainable economic prosperity.
The UAE’s participation in this year’s summit comes after receiving an invitation from the Indian presidency of the G20 to participate as a guest, confirming its commitment to contribute positively to the work of the G20, with a focus on the priorities identified by the Indian presidency of the group.
The UAE views the G20 as a global economic forum that plays a critical role in multilateral efforts, and major developed and developing economies represent 85 percent of global GDP, 75 percent of trade, and nearly two-thirds of the world’s population.
The UAE remained committed to enhancing economic cooperation, acting as a reliable and responsible energy supplier as well as ensuring the stability of global energy markets, through its participation in the G20 meetings as a guest country during Indonesia’s presidency, after its successful experience as a guest during the presidency of the Kingdom of Saudi Arabia in 2020.
The UAE will focus on its pivotal role in promoting international climate action as a host country for the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), in addition to the common goals and aspirations of the G20 and the COP28 conference during the year 2023.
The country has redoubled its efforts through the “Sherpa” program of the G20 meetings and financing tracks, through its pioneering agenda in the clean energy sector and its ambitious initiative to achieve climate neutrality by 2050.
The UAE’s participation in the pre-summit meetings this year was distinguished by presenting exceptional case studies on the most successful and latest practices in the country related to development, public policies, regulations and legislation, which were published by the G20 in various fields and reports, which in turn reflect the development achieved by the country in various fields.
The UAE’s continued participation in the group’s work provided many opportunities for coordination between various government agencies and institutions in the country on the latest development and development trends applicable in the country. The Ministry of Finance participated in all 27 meetings of the financial track, including 3 meetings at the ministerial level. During which they discussed the group’s most important directions and brought together viewpoints on the most important topics raised by the presidency during this year, in addition to presenting the priorities of the “COP28” conference.
The ministries and concerned authorities that represent the state in the work of the G20 were also able to participate directly in formulating the global development agenda concerned with achieving positive, sustainable, comprehensive and balanced growth, with a focus on serving the needs of the region in particular through the state’s participation in the group’s work.
Trade and investment relations between the UAE and the G20 countries are witnessing remarkable development and prosperity, which is reflected in the non-oil trade data between the two sides, which recorded $341 billion during 2022, equivalent to 55% of the country’s total foreign trade, with a growth of 21% compared to 2021, and an increase of 56% and 34%. % compared to 2020 and 2019, respectively.
The G20 countries account for about 43% of the UAE’s non-oil exports and also account for 39% of re-exports from the UAE. In contrast, 67% of the UAE’s merchandise imports come from the G20 countries.
According to economic reports, investment relations between the UAE and the G20 countries are also witnessing great prosperity due to intra-trade flows, as the total balance of direct UAE investments in the G20 countries reached more than $215 billion by the end of 2021, with a share reaching 92.5% of UAE investments around the world. While the total investment balance of the G20 countries combined in the UAE amounted to more than $74.2 billion, with a share of 43.3% of the total foreign direct investment coming into the country from various countries of the world.
2023-09-08 12:07:36
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