UAE stresses commitment to supporting efforts to reinforce international trade, investment

UAE stresses commitment to supporting efforts to reinforce international trade, investment

DUBAI, 23rd September, 2020 (WAM) -- The UAE confirmed its commitment to supporting all global efforts to reinforce international trade and investment.

This statement was made during the country’s participation in the closing meeting of G20 trade and investment ministers, which was held remotely and chaired by Saudi Arabia. The UAE was represented by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.

During his speech at the meeting, Dr. Al Zeyoudi stressed the importance of promoting international cooperation to address the challenges imposed by the global pandemic, as well as supporting less developed countries, small and medium-sized enterprises, and those in need of assistance, such as women and the youth.

The coming period requires efficient global cooperation in several key areas, most notably maintaining the openness of trade, achieving sustainable development, ensuring economic diversification, realising the key role of trade services and free economic zones, accelerating digital transformation, and bridging the digital gap between countries, he added.

The challenges imposed by the global pandemic have shown the critical need to continue reforming the multilateral trade system, under the framework of the World Trade Organisation, WTO, and in light of the WTO’s goals and guiding principles, he further added, stressing that the "Riyadh Initiative" has created a new platform for countries to discuss the required reforms.

In his speech, Al Zeyoudi stressed the UAE’s commitment to restoring its national economic activities and supporting other countries, highlighting the country’s belief that fully recovering from the crisis requires cooperation between countries.

The G20 Trade and Investment Ministers, met virtually on 22 September 2020, under the G20 Saudi Presidency, to further strengthen G20 trade and investment cooperation.

A joint communique issued at the end of the meeting said: ''Amid the COVID-19 pandemic, we will continue our cooperation and coordination to: (i) support recovery of international trade and investment; (ii) support the necessary reform of the World Trade Organisation (WTO) to which the Riyadh Initiative on the Future of the WTO provides political support; (iii) encourage greater international competitiveness of Micro-, Small and Medium-Sized Enterprises, MSMEs; (iv) foster economic diversification; and (v) strengthen international investment.'' ''We continue to endorse the "G20 Actions to Support World Trade and Investment in Response to COVID-19" which we will continue to implement. We will continue to do whatever it takes and to use all available policy tools to minimize the economic and social damage of the pandemic, restore global growth, maintain market stability, and strengthen resilience, as mandated by our Leaders,'' the minister affirmed.