Sheikh Mohamed at G20 Bali
UAE President Sheikh Mohamed bin Zayed Al Nahyan arrives for the G20 leaders' summit in Nusa Dua, on the Indonesian resort island of Bali on November 15, 2022. Image Credit: AFP

Abu Dhabi: UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan is leading the UAE delegation at the G20 Summit in Bali, Indonesia, held November 15 and 16. This year, the summit is being held under the slogan: "Recover Together, Recover Stronger.”

Sheikh Mohamed and a high-level delegation of UAE ministers arrived in Bali on Monday. Sheikh Mohamed had also attended the opening of a replica of Sheikh Zayed Mosque in Indonesia on Monday, along with Indonesian president Joko Widodo.

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UAE remains committed to economic cooperation

Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, stated that the UAE's participation in the G20 Summit is of great importance to the country, given the challenges facing the global economy. He also noted that in light of challenges faced by developing countries in particular, the UAE remains committed to strengthening economic cooperation, serving as a reliable and responsible energy supplier, and ensuring the stability of global energy markets. He also underscored the UAE's commitment to its ambitious agenda for innovation and clean energy investment.

UAE President arrives at the G20 Summit in Bali, Indonesia
UAE President arrives at the G20 Summit in Bali, Indonesia Image Credit: UAE Presidential Court

"The UAE's participation in the G20 Summit as a guest country comes as part of its commitment to working with international partners to stimulate economic growth and achieve equitable development around the world," Sheikh Abdullah said.

The high-level gathering, which includes major global economic powers, will discuss strengthening economic cooperation worldwide to address economic and developmental challenges.

International cooperation

Sheikh Abdullah remarked that the UAE is keen to bolster cooperation regionally and internationally and support stabilisation and development. Moreover, it will double its commitments to effective global action to achieve these goals.

He added, "Improving economic outcomes in key sectors and ensuring that all societies live in dignity remain the UAE's top priorities during its participation in the G20 process this year. This is an extension of the UAE's foreign policy, which consistently seeks to support international partners and elevate the voices of other countries that are not represented in such meetings.”

UAE-Indonesia relations, MoUs signed

Sheikh Mohamed and Joko Widodo of Indonesia witnessed the announcement of numerous MoUs and agreements that aim to strengthen economic, environmental and technological cooperation between the two countries.

The agreements – announced at the Bali Nusa Dua Convention Centre in Bali – included an MoU on the partnership between the two countries on climate action to prepare for COP28, as well as several MoUs on their cooperation in the areas of the environment and climate change, infrastructure development and artificial intelligence (AI).

Also signed were an MoU in the area of cybersecurity, an agreement on the mutual recognition of economic accreditations, as well as a grant agreement on financing a tuberculosis control programme in Indonesia.

The agreements included an MoU between the Abu Dhabi National Oil Company (ADNOC) and Kilang Pertamina Internasional on cooperating in the petrochemical sector; an MoU between Borouge and Chandra Asri Petrochemical on the circular economy and the development of new applications; a joint development agreement between Inalum and Emirates Global Aluminium (EGA); and an agreement between the Abu Dhabi Future Energy Company (Masdar) and Pertamina Power Indonesia on developing a solar power plant in the Rokan Block.

In addition, the signed deals included an MoU between Masdar, the Indonesian Investment Authority and Pertamina Power Indonesia on renewable energy and storage; a collaboration agreement on healthcare performance analytics between ASAREN Indonesia and G42 in the area of AI; and an MoU on national genome initiatives between ASAREN Indonesia and G42 Healthcare.

Other nations at G20

Chinese President Xi Jinping on Tuesday asked the G20 wealthy nations to contain the fallout from interest rate hikes, as the US Federal Reserve moves aggressively to fight inflation.

"Developed economies should reduce the negative spillover effects of their monetary policy adjustments and stabilise debts at a sustainable level," Xi told a summit in Bali of the 20 major economies.

Calling India's energy security "important" for global growth, Indian Prime Minister Narendra Modi, on Tuesday, said that it is the world's fastest-growing economy.

"India's energy security is also important for global growth, as it is the world's fastest-growing economy. We must not promote any restrictions on the supply of energy and stability in the energy market should be ensured. India is committed to clean energy and the environment," PM Modi said while addressing the G20 working session on Food and Energy Security.

International Monetary Fund Managing Director Kristalina Georgieva warned G20 leaders on Tuesday against allowing trade protectionism to "take root" and said fragmentation of the world economy into geopolitical blocs would significantly hurt growth.

In prepared remarks delivered at the Group of 20 leaders summit, Georgieva said that 345 million people in the world were now suffering from a food crisis as a result of political conflict, high inflation and climate disasters. She said G20 countries should "allow trade to do its job".

The G20 bloc, which includes a broad array of countries ranging from Brazil to India and Germany, accounts for more than 80 per cent of the world's gross domestic product (GDP) and 60 per cent of its population. The next G20 presidency will go to India, starting from December 1.