The UAE affirms its commitment to support efforts exerted to revitalize international trade and investment
The UAE affirmed its commitment to support all international efforts to restore international trade and investment activity.
This came during the state’s participation in the final meeting of the G20 trade and investment ministers, which was held hypothetically, finally headed by Saudi Arabia.
The state was represented at the meeting by the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi.
According to a statement issued today, the meeting witnessed the announcement of the group's ministerial statement, which included agreement to continue strengthening trade and investment cooperation between the countries of the group to face the repercussions of the emerging "Corona" virus pandemic and deal with its effects on the economies of countries, especially the least developed in Africa and small islands.
It was also agreed to continue cooperation and coordination in order to support the reforms of the multilateral trading system, support Riyadh's initiative regarding the future of the World Trade Organization, work to encourage and develop the competitiveness of micro, small and medium enterprises, enhance economic diversification, and stimulate international investment.
During his speech at the meeting, Al-Zeyoudi stressed the importance of strengthening cooperation and coordination mechanisms at the international level to deal with the challenges posed by the global pandemic, with a focus on strengthening the response capacity of the least developed countries, small and medium-sized companies, and groups that require support such as youth and women.
Al-Zeyoudi praised the great efforts made by Saudi Arabia in guiding the process of the Group of Twenty, and working to enrich the existing dialogue between the countries of the group, which constituted an added value to the current international efforts to deal with the economic repercussions imposed by the global pandemic.
He said that the next stage requires the achievement of effective international cooperation in a number of major priorities, which are maintaining open trade, achieving sustainable development goals, promoting economic diversification efforts, realizing the importance of the main role that trade in services and free economic zones plays, and working to accelerate digital transformation and block The digital divide between countries.
He pointed out that the challenges posed by the global pandemic demonstrated the urgent need to continue efforts to reform the multilateral trading system under the umbrella of the World Trade Organization, and in light of the organization's founding goals and principles.
Al-Zeyoudi affirmed the UAE’s commitment to continuing its efforts to restore the movement and activity of its national economy, as well as extending a helping hand and possible assistance to other countries, believing that a full recovery from this crisis requires work and cooperation among countries to ensure a comprehensive, balanced and sustainable economic recovery.
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