UAE Strengthens Economic Ties with G20 Nations at B20 Summit

SAO PAULO: The United Arab Emirates (UAE) is actively working to bolster its economic relations with G20 member nations, as evidenced by its participation in the B20 Summit and the hosting of the UAE-Global Business Forum in Brazil. The initiatives aim to establish the UAE's position as a global trade hub and foster collaborative opportunities in sectors such as renewable energy, technology, and food security. According to Emirates News Agency, the UAE-Global Business Forum was organized by the UAE Ministry of Economy, in partnership with the UAE Embassy and Consulate in Brazil. Key representatives from G20 and guest nations attending the B20 Summit engaged in discussions to expand trade and investment opportunities. During the forum, UAE companies met with their G20 counterparts to explore new trade avenues aligned with the UAE's sustainable development goals. Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, led the UAE delegation at the B20 Summit in Sao Paulo, Brazil, held fro m October 24-25 under the theme 'Inclusive Growth for a Sustainable Future'. The summit served as a platform for high-level business leaders from G20 nations to discuss sustainable business practices and the efficiency of global trade. The UAE's participation was as an invited guest of Brazil, reflecting its growing global trade influence. The UAE delegation also included Saleh Ahmad AlSuwaidi, UAE Ambassador to Brazil, Abdalla Shaheen, Consulate General in Sao Paulo, and Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Affairs, along with 30 senior officials and business leaders from various sectors. Their involvement underscored the UAE's commitment to international cooperation and sustainable economic growth. Dr. Al Zeyoudi emphasized the importance of collaboration between the public and private sectors, urging policymakers to consider the expertise of those involved in global supply chains. He reiterated the UAE's dedication to a more efficient and inclusive global trading system . The UAE's trade with G20 countries reached over $196.1 billion in the first half of 2024, marking a 4.1% increase from the previous year. In 2023, the UAE's total non-oil trade with G20 nations exceeded $393.2 billion, a 15.3% rise compared to 2022, highlighting the UAE's significant economic engagement with the G20.