In order to help the global economy recover from the effects of the COVID-19 pandemic, the UAE has pledged to play a constructive role in bringing international trade and investment back to pre-Covid levels.
In a recent meeting held under the presidency of Saudi Arabia, the UAE, represented by the Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, declared its commitment to supporting all global efforts to further strengthen G20 trade and investment cooperation.
In his address, Dr. Al Zeyoudi stressed, “The coming period requires efficient global cooperation in several key areas, most notably maintaining the openness of trade, achieving sustainable development, ensuring economic diversification, realizing the key role of trade services and free economic zones, accelerating digital transformation, and bridging the digital gap between countries.”
He particularly emphasized supporting less developed countries, small and medium-sized enterprises (SMEs), and those in need of assistance, such as women and the youth, to ensure a global economic turnaround.
Appreciating the “Riyadh Initiative” for providing a new platform to hold discussions on the much-needed reforms, Dr. Al Zeyoudi also added that in order to overcome the economic challenges posed by the COVID-19 pandemic and boost international trade, the multilateral trading system needs consistent and pragmatic reforms under the framework of the World Trade Organization (WTO). He reaffirmed the UAE’s commitment to restoring its national economic activities and supporting other countries in recovering from the economic shocks of the pandemic by stating, “We continue to endorse and implement the ‘G20 Actions to Support World Trade and Investment in Response to COVID-19′ which we will continue to implement.”
Working in this direction, the UAE and Kazakhstan recently signed an agreement worth $6.1 billion during Kazakh Prime Minister Askar Mamin’s two-day visit to Abu Dhabi, under which the two countries will execute over 20 projects across various economic sectors. Moreover, the UAE and Israel have reached a preliminary agreement on avoiding double taxation as well to encourage investments between the two nations. Several commercial agreements have been signed between the two countries since mid-August when they agreed to normalize relations. The UAE has around 100 double taxation agreements now, covering most of its trade partners.
“The UAE will continue to take constructive steps and use all available policy tools to minimize the economic and social damage of the COVID-19 pandemic, restore global growth, maintain market stability, and strengthen resilience,” declared Dr. Al Zeyoudi.
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