UAE Delegation Active at G20 FMCBG Meeting in São Paulo
Dubai, The Gulf Observer: The United Arab Emirates, through the joint representation of the Ministry of Finance and the Central Bank of the UAE, played a pivotal role in the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under Brazil’s presidency, held on the 28th and 29th of February in São Paulo.
Led by Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation engaged in discussions that addressed key global economic challenges and opportunities. The G20 meeting, themed “Building a Just World and a Sustainable Planet,” focused on priorities outlined by the Brazilian Presidency, emphasizing the reduction of hunger, poverty, and inequality globally, along with a more equitable governance model and socio-environmental development.
During the meeting, Minister Al Hussaini held bilateral discussions with counterparts from various countries, including Enoch Godongwana, Minister of Finance of the Republic of South Africa; Christian Lindner, Minister of Finance of the Federal Republic of Germany; and Sergio Díaz-Granados, Executive Presidency of the Development Bank of Latin America and the Caribbean. These discussions aimed at exploring avenues for mutual cooperation and fostering international partnerships.
Al Hussaini expressed the UAE’s readiness to share its experience in climate financing and sustainable development efforts with Brazil, which is set to host the 2025 UN Climate Change Conference (COP30). The UAE’s commitment to addressing the economic impact of climate change, ensuring the flexibility of global supply chains, and enhancing international financial institutions were highlighted during the discussions.
The UAE delegation also emphasized the importance of investing in the development and growth of digital infrastructure, addressing global debt vulnerabilities, and mobilizing public and private resources to support a global economy that promotes financial inclusion.
Al Hussaini outlined the UAE’s commitment to promoting financial inclusion through the Financial Infrastructure Transformation Programme launched in 2023. The Minister highlighted challenges related to medium-term growth prospects, emphasizing the UAE’s focus on multilateral cooperation, particularly as it prepares to host the 13th WTO Ministerial Conference.
The UAE’s dedication to supporting international tax cooperation was underscored, with Al Hussaini mentioning the implementation of a corporate tax regime in 2023 and legislation to support the global minimum tax through the OECD Pillar 2 solution.
The G20 FMCBG meeting covered a range of topics, including economic policies to address inequalities, global perspectives on growth, jobs, inflation, and financial stability. Members exchanged views on international taxation, global debt, financing for sustainable development, and explored innovative instruments such as green bonds and sukuk.
This marks the UAE’s fifth participation in G20 events since its establishment, further solidifying the country’s commitment to global economic cooperation and development initiatives. Previous participations include G20 events in India (2023), Indonesia (2022), Saudi Arabia (2020), and France (2011).
