Special Features
UAE participates in first G-20 Finance Ministers meeting in Paris
The United Arab Emirates has participated in the first G-20 Finance Ministers meeting in Paris on February 18 and 19. The G-20 group of countries accounts for more than two-thirds of world population, and 90% of global GDP. The UAE delegation was headed by Obaid Humeid Al Tayer, Minister of State for Financial Affairs.The UAE is one of five invited non G-20 member countries participating this year. The invitation reflects the UAE’s position as a hub of the global economy, as well as a significant regional player and current chair of the GCC Presidency. The country’s economy is the second largest in the Middle East and North Africa in GDP terms, and the UAE has the region’s largest volume of financial assets in its banking sector.
H.H. Sheikh Abdullah bin Zayed al-Nahyan, Foreign Minister of the UAE commented: "The UAE is pleased to take part in the G-20 process this year and we aim to be substantive and helpful partners in reaching global solutions to global issues. The agenda under the French Presidency is an active and ambitious one that goes to the heart of key challenges faced by our world today, and we commend their leadership in driving forward such an important agenda and thank them for inviting us to participate," Sheikh Abdullah continued, "As an important player in the global economy, and a responsible member of the international community, the UAE has vital interests in the G-20 process. We need to ensure the global recovery continues. Growth and free trade can create economic opportunity for millions of people in developing economies, and thus contribute to global peace and stability".
During the Paris meetings, Finance Ministers discussed the state of the global economy, and reviewed proposals for increased financial and economic stability around the world. Among the subjects discussed were the G-20’s ’Framework for Growth’ for industrial and emerging countries, as well as reforms of the international monetary system and banking regulation.
The Ministers also discussed ways to reduce price volatility of commodities. Another issue of great importance to the UAE on the Paris agenda was the support of development goals and global food security.
These ministerial meetings are part of the process that prepares world leaders for the G20 summit in November.
