Official data reveals that the UAE engaged in trade amounting to $341B with G20 member nations in the previous year. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, emphasized the growing strength of trade and investment ties between the UAE and G20 nations.
He said: “In 2022, non-oil trade between the two sides hit $341B, which is 55 per cent of the UAE’s total non-oil trade.”
“This represents a 21 per cent increase from 2021, and is 56 per cent and 34 per cent up from 2020 and 2019, respectively.”
Al Zeyoudi currently resides in India, where he represents the UAE at the 2023 G20 New Delhi Summit, according to Arabian Business.
“G20 countries are the UAE’s largest trading partners, accounting for 43 per cent of its non-oil exports, 39 per cent of re-exports, and 67 per cent of imports,” the minister added.
“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.”
UAE’s Non-Oil Trade with G20 Soars in 2022
Al Zeyoudi pointed out a substantial increase in the United Arab Emirates’ non-oil trade with G20 nations in 2022, marking a 56% growth compared to 2020 and a 34% rise compared to 2019.
“This upward trajectory continued in the first half of 2023, with non-oil trade reaching $181.9B, up 14.4 per cent from the same period in 2022.”
“The UAE’s non-oil exports to G20 countries grew by 10.6 per cent in the first half of 2023, reaching a total of $23.4B. The value of re-exports to these countries also rose by 14 per cent to $38bn. The imports increased by 15.2 per cent to $120.5B.”
The UAE’s investment connections with G20 nations are thriving, as the cumulative value of direct Emirati investments in these countries surpassed $215B by the conclusion of 2021.
This constitutes a share of 92.5% of all Emirati investments globally.
Al Zeyoudi said: “The total investment balance of G20 countries in the UAE is also significant, reaching more than $74.2B, accounting for 43.3 per cent of all foreign direct investment (FDI) into the UAE.”
UAE’s G20 Summit Recognition
The minister emphasised that the United Arab Emirates’ invitation to the G20 Summit signifies recognition of its status as a prominent economic player, a vital partner in the global trade network, and a responsible global participant.
He highlighted the UAE’s pivotal role as a significant conduit for the movement of goods and services and its active engagement within the international community.
Al Zeyoudi reaffirmed the UAE’s dedication to ensuring fair and inclusive access to the global trade system for Global South nations, underlining trade’s role in boosting industrial productivity, job creation, and knowledge exchange.
Furthermore, he underscored the significance of international collaboration in enhancing resilience across global supply chains, with a specific emphasis on increasing the involvement of small and medium-sized enterprises and promoting diversification of import sources, particularly for critical sectors.
