UAE non-oil trade with G20 nations worth $341 billion

The UAE’s trade and investment relations with the G20 countries are strengthening at a steady pace, reported Wam, citing Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi.

“In 2022, non-oil trade between the two sides hit $341 billion, which is 55 per cent of the UAE’s total non-oil trade. This represents a 21pc increase from 2021, and a 56pc and 34pc up from 2020 and 2019, respectively,” the minister said at the 2023 G20 New Delhi Summit.

“G20 countries are the UAE’s largest trading partners, accounting for 43pc of its non-oil exports, 39pc of re-exports, and 67pc of imports,” he stated.

“These strong trade and investment relations are a testament to the UAE’s commitment to open and free trade. The UAE is a major player in the global economy, and it is working to strengthen its ties with other countries around the world,” he added.

Al Zeyoudi pointed out that the UAE’s non-oil trade with the G20 countries grew significantly in 2022, up 56pc from 2020 and 34pc from 2019.

“This upward trajectory continued in the first half of 2023, with non-oil trade reaching $181.9bn, up 14.4pc from the same period in 2022,” he noted.

“The UAE’s non-oil exports to G20 countries grew by 10.6pc in the first half of 2023, reaching a total of $23.4bn. The value of re-exports to these countries also rose by 14pc to $38bn. The imports increased by 15.2pc to $120.5bn.”

The UAE’s investment relations with G20 countries, the minister continued, are booming, with the total balance of direct Emirati investments in these countries reaching more than $215bn by the end of 2021. This represents 92.5pc of all Emirati investments worldwide.

“The total investment balance of G20 countries in the UAE is also significant, reaching more than $74.2bn, accounting for 43.3pc of all foreign direct investment (FDI) into the UAE.”

The minister said that the UAE’s invitation to the G20 Summit is a recognition of its status as a major economic player, a key partner in the global trading system and a responsible global citizen. He, in this regard, highlighted the country as a major gateway for the flow of goods and services, and an effective member of the international community, reported Wam.

Al Zeyoudi reiterated the UAE’s commitment to ensuring equitable, inclusive access to the global trading system for the nations of the Global South, underscoring the role of trade as a catalyst for industrial productivity, job creation and knowledge-sharing.

He further stressed the importance of cross-border cooperation in building resilience across global value chains, underlining the need to enhance the participation of small and medium sized businesses and encourage diversification of import sources, especially for critical sectors.

 

Source: https://www.gdnonline.com/Details/1290558

 

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