Bengaluru, India: The UAE has participated in the first Framework Working Group (FWG) meeting within the G20 Finance Track, which was held in Bengaluru, India.
The meeting was also attended by G20 members, invited countries and representatives from international organisations.
The meeting discussed the work plan for FWG in 2023, which is aimed at key global economic issues and the impacts of high prices and climate change, along with promoting global economic growth.
The UAE delegates were the representatives from the Ministry of Finance (MoF), including Mr. Ali Abdullah Sharafi, Acting Assistant Under-Secretary for International Financial Relations Sector at MoF, and Ms. Thuraya Hamed Al Hashemi, Director of the International Tax Department at MoF.
During the discussions, the members from the UAE focused on the significance of diversifying the sources of food production globally to enhance the sector’s flexibility on an international scale.
The team suggested coordinating the group’s work with international organisations to learn about financing and operational requirements to help developing countries improve their agricultural production and identify their investment needs in this vital sector.
The MoF team also recognized the need to improve international coordination through the group to promote global financial stability to reduce the financial repercussions of the COVID-19 pandemic.
In addition, MoF representatives appreciated the group’s approach to studying the economic impacts of climate change, and called on FWG members to coordinate with the UAE in this field in preparation for hosting COP28 next year.
The meeting was concluded by agreeing on the FWG’s work plan for 2023, and the progress made will be discussed in the next FWG meeting in March 2023.