Sheikh Mohamed bin Zayed invited to attend G20 summit in Indonesia

Indonesia on Wednesday invited Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to attend the G20 Summit in November this year.

Indonesia holds the presidency of the intergovernmental forum, known as the Group of 20, and the UAE is one of the chief guests for the 17th G20 Heads of State and Government Summit, which will take place in Bali.

During a phone call with Indonesian President Joko Widodo, Sheikh Mohamed was invited to attend the event, state news agency Wam reported.

Sheikh Mohamed thanked Mr Widodo for the invitation and wished Indonesia success in its presidency of the global gathering and its management of the summit.

He said he hoped the summit would push for more co-operation to enhance the global economic recovery from the Covid-19 pandemic and consolidate the foundations of effective partnerships.

The leaders also discussed ways to strengthen ties and co-operation.

They also took stock of the latest regional and international issues.

Growing trade

Trade between the two nations is expected to grow significantly after the signing of an agreement last month between their export credit agencies.

Etihad Credit Insurance, the UAE's federal export credit company, signed a reciprocal reinsurance agreement with its Indonesian counterpart, PT Reasuransi Indonesia Utama (Indonesia Re), to bolster trade and expand their collaborative initiatives.

As part of the agreement, the two state-owned entities will help domestic companies in each country to expand internationally and focus on sustainable and inclusive economic development.

It follows the signing of agreements in November worth billions of dollars during the visit of Mr Widodo to the UAE.

The countries hope to triple bilateral trade - which reached about $2.5 billion in 2020 – in the next four years.

The net worth of non-oil trade between the UAE and Indonesia in the past five years exceeds $11bn, of which the UAE’s exports to Indonesia accounted for $1.4bn, according to official data.

The two countries are also set to sign a comprehensive economic partnership agreement this year.

Trade is estimated to grow by $1.6bn annually, led by sectors such as jewellery, vegetable oil, cars and car parts, copper, rubber and aluminium.

The UAE and Indonesia are also collaborating in oil exploration, halal food, green technology, utilities, agriculture and education.

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