UAE advocates free trade

February 22nd, 2011 - 12:53 am ICT by IANS  

Paris, Feb 21 (IANS/WAM) The United Arab Emirates has advocated a free trade policy in the world, saying it can create economic opportunity for millions of people in developing economies, and thus “contribute to global peace and stability”. UAE Foreign Minister Sheikh Abdullah bin Zayed al-Nahyan said this while commenting on his country’s participation in the G-20 finance ministers meeting in Paris Feb 18-19.

Sheikh Abdullah said: “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.”

“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,” the foreign minister said.

The UAE was one of five invited non-G-20 member countries participating this year. The UAE delegation was headed by Minister of State for Financial Affairs Obaid Humeid Al Tayer.

The G-20 group of countries accounts for more than two-thirds of world population, and 90 percent of global GDP.

During the Paris meeting, 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 regulations.


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