UAE Promotes Digitalization of Trade and Investment at G20 Meeting in India

 


The United Arab Emirates (UAE) actively participated in the G20 Trade and Investment Working Group Meeting (TIWG) held in Bengaluru, India, showcasing its commitment to advancing the digitalization of trade and investment. Led by Juma Al Kait, Assistant Undersecretary for Foreign Trade Affairs at the Ministry of Economy, a delegation from the UAE Ministry of Economy attended the three-day forum, which brought together over 100 delegates from G20 member countries, invitee countries, regional groupings, and international organizations.


Under India's G20 Presidency, the TIWG meeting focused on addressing critical global trade and investment issues and building upon the key outcomes of the 12th Ministerial Conference of the World Trade Organization (WTO) in Geneva. Al Kait reiterated the UAE's dedication to driving the WTO reform agenda, which is particularly significant as the UAE prepares to host the 13th Ministerial Conference (MC13) in Abu Dhabi in February 2024.


During the meeting, Al Kait highlighted the importance of digitalization in facilitating trade and expanding market reach for businesses. He welcomed discussions on leveraging digital technologies to enable businesses to offer new products and services to a broader range of digitally connected customers globally. Recognizing the potential of digitalization as a critical driver for increasing the scale, scope, and speed of international trade, he emphasized the UAE's commitment to accelerating investment in digital supply chain solutions.


The Assistant Undersecretary also emphasized the UAE's commitment to establishing virtual trade corridors to promote seamless, paperless trade using digital exchange systems. He stressed the significance of cross-border cooperation in building resilience across global value chains and underlined the need to enhance the participation of small and medium-sized businesses. Al Kait highlighted the importance of designing policies that encourage diversification of import sources to enhance economic growth and stability.

The UAE's active engagement in the G20 trade and investment track reflects its growing role in promoting cooperation and consensus on critical international trade issues. The discussions held during the TIWG meeting will contribute greatly to shaping the reform of the WTO and ensuring that the multilateral trading system meets the demands of the 21st century.


The progress made during the G20's working group meetings, including the TIWG, will be carried forward to the G20 Leaders' Summit scheduled to take place in New Delhi, India, on September 9-10. The UAE's involvement in the G20 process coincides with its preparations to host the World Investment Forum organized by the United Nations Conference on Trade and Investment (UNCTAD) in October and the Conference of the Parties to the UN Framework Convention on Climate Change (COP28) in November. Moreover, the UAE will host the 13th Ministerial Meeting of the WTO next year, solidifying its position as a key player in global trade and investment.

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