New Delhi: Non-oil trade between the UAE and G20 countries reached $341 billion in 2022, a 21 per cent increase from 2021, and a substantial rise of 56 per cent compared to 2020 and 34 per cent from 2019. These figures were reported by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, who represented the UAE at the 2023 G20 New Delhi Summit.
Al Zeyoudi highlighted the significance of the UAE's trade relations with G20 nations, which account for 43 per cent of its non-oil exports, 39 per cent of re-exports, and 67 per cent of imports. He emphasized the UAE's commitment to open and free trade and its role as a major player in the global economy.
The minister noted that in the first half of 2023, non-oil trade between the UAE and G20 countries continued to grow, reaching $181.9 billion, a 14.4 per cent increase compared to the same period in 2022. This growth was evident in non-oil exports, re-exports, and imports, which increased by 10.6 per cent, 14 per cent, and 15.2 per cent, respectively.
These strong trade and investment relations are a testament to the UAE’s commitment to open and free trade
Al Zeyoudi highlighted the booming investment relations between the UAE and G20 countries, with Emirati investments in these nations surpassing $215 billion by the end of 2021. G20 countries also invested significantly in the UAE, accounting for 43.3 per cent of all foreign direct investment (FDI) into the country.
The minister emphasized the UAE's role as a major economic player and a responsible global citizen, particularly as a gateway for trade and an advocate for equitable access to the global trading system. He stressed the importance of trade in fostering industrial productivity, job creation, and knowledge-sharing and called for enhanced cross-border cooperation and diversification of import sources, especially for critical sectors.
