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By creating the universe, God "bears witness", as it were, to His Own almightiness and uniqueness: cf. 3:18 - "God [Himself] bears witness that there is no deity save Him" - and the corresponding note [11].
The witness can be Allah, the angels, or the prophets, and the witnessed can be the people standing for judgment or the overwhelming events of Judgment Day.
The literal meaning is clear, but its metaphorical application has been explained in a variety of ways by different Commentators. The words are fairly comprehensive, and should, I think, be understood in connection with Judgment. There the Witnesses may be: (1) the Prophets (iii. 81); Allah Himself (iii. 81, and x. 61); the Recording Angels (I. 21); the Sinner's own misused limbs (xxiv. 24); his record of deeds (xvii. 14); or the Sinner himself (xvii. 14). The subject of the witness may be the deed or crime, or the Sinner against whom the testimony cries out. The appeal to these things means that the Sinner cannot possibly escape the consequences of his crime. He should repent, seek Allah's Mercy, and amend his life.