Page 272 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/29/24, 2:16 PM UAE promotes open, inclusive trade at G20 Trade, Investment Ministerial meet - GulfToday
He also met Márcio Elias Rosa, Deputy Minister of the Ministry of Development, Industry,
Commerce and Services of Brazil, and other G20 member blocs, including Valdis
Dombrovskis, Executive Vice-President and Trade Commissioner for the EU, and several of
its member nations, including Diana Elena Mondino, Minister of Foreign Affairs, International
Trade and Worship for Argentina; Jonathan Reynolds, Secretary of State for Business and
Trade for the United Kingdom; Helene Budliger, State Secretariat for Economic Affairs
(SECO) for Switzerland; and Wang Shouwen, China International Trade Representative and
Vice Minister of Commerce.

The G20 membership collectively accounts for 85 percent of global GDP and 75 percent of
international trade. In 2023, non-oil trade between the UAE and G20 members surpassed
US$393.2 billion, a 54 percent increase compared to 2019, further underscoring the UAE’s
growing role as a global trade hub and key partner for economic collaboration.

Meanwhile, Over 32 million companies and institutions were operating in European Union
countries in 2022, including 3.4 million newly established firms, Eurostat, the statistical office
of the European Union, reported.

According to Eurostat’s Business Demography report Eurostat’s Business Demography
Statistics report, most EU countries saw more companies created than closed during 2022.

However, Estonia, Ireland, Bulgaria, Poland, Denmark, and Germany recorded higher closure
rates than creation rates, with an overall establishment rate of 10.5 percent and an initial
closure rate of 8.7 percent.

Lithuania, Portugal, and Estonia led with the highest company creation rates at 18.3 percent,
16.7 percent, and 16.6 percent, respectively. Conversely, Austria (6.2 percent), Denmark (7.4
percent), and Italy (7.9 percent) recorded the lowest creation rates.

The highest bankruptcy or closure rates were observed in Estonia (25.1 percent), Bulgaria
(20.6 percent), and Ireland (15.6 percent), while Greece (3.1 percent), Belgium (5.2 percent),
and Cyprus (5.8 percent) had the lowest rate.

https://www.gulftoday.ae/business/2024/10/25/uae-promotes-open-inclusive-trade-at-g20-trade-investment-ministerial-meeting-in-brazil 3/3