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Riyadh, May 15 / His Excellency Abdullah bin Touq Al-Marri, Minister of Economy, headed the country’s delegation participating in the meeting of the regular session of the Arab Economic and Social Council, which was held today, at the ministerial level in Riyadh, which is the preparatory meeting for the 32nd session of the Council of the League of Arab States at the summit level. It is scheduled to be held in the Kingdom of Saudi Arabia on May 19.
His Excellency Bin Touq said that the UAE places the issue of strengthening joint Arab cooperation at the top of its priorities, in line with the country’s firm approach to support all efforts aimed at achieving the interests of the Arab peoples and enhancing their economic and social stability in a sustainable manner, in implementation of the directives of the wise leadership.
His Excellency added, “We are keen to strengthen the frameworks of economic integration among the Arab countries, and to adopt more open and flexible policies, including the establishment of a unified customs union, which contributes to increasing exports and imports, and supports the development of Arab trade exchange, within the framework of the Greater Arab Free Trade Area, in a way that stimulates More mutual investments that will contribute to the creation of thousands of jobs that support the growth and sustainability of Arab economies.
He said, “The Arab countries have the advantage of a unique geographical location that makes them in the heart of international trade and a pivotal link linking the East with the West and supporting global supply chains, which the UAE government realized early on and worked to benefit from this advantage in strengthening its economic position regionally and internationally, and leading efforts International efforts to shape the features of the future of global trade, through its hosting of relevant global events, including the World Investment Forum of the United Nations Conference on Trade and Development (UNCTAD), which will be held in the capital, Abu Dhabi, during the month of October 2023, and will focus on increasing investment in sustainable development. In addition to the 13th Ministerial Conference of the World Trade Organization in the first quarter of 2024, in the presence of ministers and senior officials from 164 member countries of the World Trade Organization.
He explained that the agenda of the Economic and Social Council in its current session includes a number of projects that we consider to be a priority and that would bring about a quantum leap in joint Arab cooperation efforts, and we would like here to confirm the support of the UAE to activate the Arab transport agreements, the Arab strategy for communications and information, and the Arab digital agenda. 2023-2033; As these strategies are in line with the future plans and visions of the UAE, and they represent major drivers to enable the pillars of the future economy in the Arab world as a whole.
His Excellency stressed the importance of the Arab Economic and Social Council in supporting the efforts of joint Arab action and promoting the process of sustainable development among the Arab countries, through its adoption of innovative initiatives and legislation aimed at growth and prosperity for all Arab peoples, indicating that the UAE supports all the outcomes of the Council meeting aimed at improving the work system. Arab economic and social towards higher levels of coordination and constructive cooperation.
He pointed out that the challenges posed by the repercussions of the current geopolitical changes on the global economic scene, especially supply chains, inflation rates and the possibilities of stagnation, present new opportunities to enhance Arab integration, especially on the economic and trade levels, to more advanced levels, in a way that serves the ability of Arab economies to grow in a sustainable manner.
His Excellency affirmed the UAE’s readiness to intensify cooperation and exchange of experiences with the Arab brothers to develop joint efforts, in a way that contributes to strengthening the Arab development process in the various social and development fields.
The agenda of the Council’s discussions included a number of other topics on its agenda, which will be submitted to the meeting of Arab leaders during the upcoming Arab summit, including discussing developments in Arab cooperation and developments in the Arab Customs Union, and the requirements of the Greater Arab Trade Area, in addition to mechanisms for activating the Arab strategy for tourism. It bears promising opportunities that support the growth of Arab economies and enhance their competitiveness.
The Economic and Social Council of the League of Arab States welcomed the UAE’s hosting of the eighth session of the World Investment Forum of the United Nations Conference on Trade and Development “UNCTAD” in Abu Dhabi from October 16 to 20, 2023, and called on Arab countries, investment institutions and Arab financing funds to participate in this forum, as it is the most important platform International for the exchange of investment policies and global experiences in this regard.
It is noteworthy that non-oil trade exchanges between the UAE and the group of Arab countries reached $111.5 billion during 2021, achieving a growth of 23.8% compared to 2020, and by 11.5% compared to 2019.
