UAE building productive relations with G20 member nations

Attended by key business representatives from the G20 and guest nations participating in the B20 Summit, its goal was to build productive relations between the UAE and leading multinational companies and to underline UAE’s role as a global trade and investment hub that can provide an unrivalled gateway to markets across the globe.

The forum included discussions on potential areas of collaboration to expand trade and investment opportunities, including renewable energy, technology, and food security.

Representatives of UAE companies then held meetings with their G20 counterparts in which they explored new trade avenues and investment opportunities that align with the UAE’s long-term goals for sustainable development.

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led the UAE delegation to the B20 Summit, a gathering of approximately 1,000 high-level business representations from the G20 member nations, in Sao Paulo, Brazil.

The summit took place on October 24-25 under the theme “Inclusive Growth for a Sustainable Future”, the summit provided a platform for the private sector to engage in discussions on sustainable business practices, the efficiency of global trade, and the importance of inclusivity, particularly in terms of women-owned businesses. The recommendations by participants at the B20 Summit will be presented to G20 leaders during their summit in Rio de Janeiro in November.

The UAE participated in the B20 Summit as an invited guest of Brazil during its presidency of the G20, which is a reflection of the UAE’s growing influence in global trade and investment.

The UAE delegation included Saleh Ahmad AlSuwaidi, Ambassador of the United Arab Emirates to Brazil, Abdalla Shaheen, the Consulate General of the UAE in Sao Paulo, and Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, alongside 30 senior government officials and business leaders from various economic sectors underlining the UAE’s commitment to fostering international cooperation and driving sustainable economic growth.

Dr. Thani Al Zeyoudi, who addressed the meeting, highlighted how the private sector, through their innovation and energy, can drive a new future for global trade, particularly through the development of new technologies that can deliver greater efficiency and transparency.

“The B20 Summit is a vital platform to strengthen collaboration between the public and private sectors. It is important that policymakers listen to the expertise and insights from those who utilise global supply chains day in, day out to ensure they remain the enablers of growth and not barriers to it. As a consistent advocate for the benefits of open, rules-based trade, the United Arab Emirates is committed to contributing to a trading system that is more efficient, more accessible and more resilient – and one that includes every nation and benefits every participant.”

The UAE delegation to both the G20 Business Summit and the UAE-Global Business Forum included representatives from diverse sectors including education and research, innovation and technology, health services, trade and investment, energy, agriculture and food security, tourism, industry, ports and logistics, aviation, finance, defense and sports.

The UAE’s trade with G20 countries exceeded $196.1 billion in the first half of 2024, an increase of 4.1% from the previous year, representing over half of the UAE’s total non-oil trade. The UAE’s total non-oil trade with the G20 surpassed $393.2 billion in 2023, a 15.3% increase compared to 2022.