$341 billion in non-oil commerce between UAE, G20 nations: Minister of State for Overseas Commerce – Enterprise – Economic system and Finance

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Overseas Commerce, stated that commerce and funding relations between the UAE and the G20 nations are strengthening.

“In 2022, non-oil commerce between the 2 sides hit $341 billion, which is 55% of the UAE’s complete non-oil commerce. This represents a 21% improve from 2021, and a 56% and 34% up from 2020 and 2019, respectively,” the minister informed the Emirates Information Company (WAM) in India the place he’s representing the UAE on the 2023 G20 New Delhi Summit.

“G20 nations are the UAE’s largest buying and selling companions, accounting for 43% of its non-oil exports, 39% ofr e-exports, and 67% of imports,” the minister defined.

“These sturdy commerce and funding relations are a testomony to the UAE’s dedication to open and free commerce. The UAE is a significant participant within the world economic system, and it’s working to strengthen its ties with different nations world wide.”

Al Zeyoudi famous that the UAE’s non-oil commerce with the G20 nations grew considerably in 2022, up 56% from 2020 and 34% from 2019. “This upward trajectory continued within the first half of 2023, with non-oil commerce reaching $181.9 billion, up 14.4% from the identical interval in 2022.

“The UAE’s non-oil exports to G20 nations grew by 10.6% within the first half of 2023, reaching a complete of $23.4 billion. The worth of re-exports to those nations additionally rose by 14% to $38 billion. The imports elevated by 15.2% to $120.5 billion.”

The UAE’s funding relations with G20 nations, the minister continued, are booming, with the entire steadiness of direct Emirati investments in these nations reaching greater than $215 billion by the top of 2021. This represents 92.5% of all Emirati investments worldwide.

“The full funding steadiness of G20 nations within the UAE can also be vital, reaching greater than $74.2 billion, accounting for 43.3% of all overseas direct funding (FDI) into the UAE.”

The minister stated that the UAE’s invitation to the G20 Summit is a recognition of its standing as a significant financial participant, a key accomplice within the world buying and selling system and a accountable world citizen. He, on this regard, highlighted the UAE’s as a significant gateway for the move of products and companies, and an efficient member of the worldwide neighborhood.

Al Zeyoudi reiterated the UAE’s dedication to making sure equitable, inclusive entry to the worldwide buying and selling system for the nations of the World South, underscoring the position of commerce as a catalyst for industrial productiveness, job creation and knowledge-sharing.

He additional confused the significance of cross-border cooperation in constructing resilience throughout world worth chains, underlining the necessity to improve the participation of small and medium sized companies and encourage diversification of import sources, particularly for important sectors.

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