UAE calls for free flow of capital, goods, services during B20 meeting in India

UAE calls for free flow of capital, goods, services during B20 meeting in India

NEW DELHI, 27th August, 2023 (WAM) -- The UAE has called anew for further international action to ensure the free flow of capital, goods, and services, being the driver behind global development and economic prosperity.

This was said in a statement given by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, as he addressed ministers and senior government officials at the B20 Summit in New Delhi, India, during which he emphasised the need for collective action to support the multilateral trading system, strengthen global supply chains and accelerate the deployment of technology to improve supply-chain efficiency and inclusivity.

During a special plenary for G20 trade ministers on the opening day of the B20 forum, Al Zeyoudi underlined the UAE’s conviction that the free flow of goods, services and capital remains a key driver of economic growth and development, especially for the Global South. Pointing to the nation’s non-oil trade figures, which crossed the AED 2 trillion mark for the first time to reach AED 2.233 in 2022, the minister championed the role of trade in the UAE’s economic agenda and urged nations to resist the rise of protectionism and isolationism that have threatened supply-chain integrity since the global pandemic