UAE participates in First Framework Working Group meeting within G20 Finance Track

UAE participates in First Framework Working Group meeting within G20 Finance Track

BENGALURU, 17th December, 2022 (WAM) -- The UAE participated in the first Framework Working Group (FWG) meeting within the G20 Finance Track, which was held on 16-17 December 2022.

Held for the first time under India’s G20 presidency in Bengaluru, the meeting sought to discuss the work plan for FWG in 2023, which is focused on key global economic issues and the impacts of high food and energy prices and climate change. This is in addition to the group's objectives related to promoting global economic growth.

The UAE delegation to the meeting included representatives from the Ministry of Finance (MoF), namely Ali Abdullah Sharafi, Acting Assistant Under-Secretary for International Financial Relations Sector at MoF; and Thuraya Hamed Al Hashemi, Director of the International Tax Department at MoF.

The meeting was also attended by G20 members, invited countries and representatives from international organisations.

During the meeting, MoF team emphasised the importance of diversifying the sources of food production globally to enhance the sector's flexibility on a global scale. The team suggested coordinating the group's work with international organisations to study financing and operational needs to help developing countries enhance their agricultural production and identify their investment needs in this vital sector – particularly in the technical area to increase production efficiency.

The MoF team also pointed out the need to pursue international coordination through the group to enhance global financial stability, especially during the recovery phase, to mitigate the financial repercussions of the COVID-19 pandemic.

MoF representatives praised the group's approach for studying the economic effects of climate change, and called on FWG members to coordinate with the UAE in this field in preparation for hosting COP28 next year.

During the meeting, the members discussed macroeconomic implications of climate change, and they deliberated FWG work plan for 2023 and agreed on deliverables and timeline. Additionally, members reviewed key risks relating to food and energy insecurity, and explored how G20 economies can improve cooperation in macroeconomic policymaking to factor in these challenges, including the broader spillovers and consequences for low-income countries. Furthermore, members shared details regarding their domestic economic outlook including their views on geopolitical developments.

At the end of the meeting, the members agreed on FWG’s work plan for 2023, and they will discuss the progress made in the next FWG meeting in March 2023.