UAE to support joint Arab efforts for sustainable economic growth
- 15 Feb 2024
Abdullah Bin Touq Al Marri, Minister of Economy, led the UAE delegation at the 113th Arab Economic and Social Council meeting held at the General Secretariat of the Arab League in Cairo, chaired by the Hashemite Kingdom of Jordan and attended by delegations from member states.
The meeting discussed strengthening of Arab cooperation on various economic and social issues and ways to operationalise the executive decisions approved by the Council during its previous meetings.
The Minister of Economy emphasised that the UAE, under the guidance of its wise leadership, is keen to support joint Arab efforts, develop mechanisms and action plans that will open up new prospects to support sustainable economic development, as well as strengthen cooperation with other Council member states in the sectors of the new economy, tourism, digital transformation, entrepreneurship, and SMEs.
Bin Touq pointed out that Arab economies have proven their ability to confront political, climatic and health changes over the past few years, and the importance of their geographical location is that it facilitates the global trade movement. According to the International Monetary Fund (IMF), the Arab countries’ GDP growth rate reached 1.8 per cent in 2023, or nearly $3.4 trillion, and it is expected to reach $3.5 trillion in 2024 despite the economic challenges witnessed by the region during the last stage.
Bin Touq said, “The latest Council meeting is an important step forward in driving consultation and discussions on vital economic files that will enhance the competitiveness of Arab economies and support their growth and prosperity. The topics under discussion are of great importance in advancing Arab cooperation and charting a roadmap for the region’s further development and leadership.”
Additionally, Bin Touq reviewed a range of topics on the Council’s agenda, which will enhance prospects for economic cooperation among the Arab states. These include the strengthening of joint action to assess progress on the establishment of the proposed Arab Customs Union, to remove several obstacles to stimulating the movement of exports and imports among Arab countries. He further addressed the importance of completing joint efforts to implement the Greater Arab Free Trade Area, a significant step forward in supporting the growth of Arab economies and intraregional trade, especially in view of today’s global economic openness.
Bin Touq also affirmed the UAE’s desire to move forward with the implementation of the amended Arab Investment Agreement. It will contribute to the promotion and stimulation of investment exchanges among Arab states, particularly as the region is experiencing a growth in FDI flows in general.
The Minister of Economy then lauded the key role played by the Arab Economic and Social Council in supporting community development through sponsoring a number of initiatives and events in several fields such as health, family and development, and holding a series of training courses and awareness-raising programs on challenges faced by Arab economies. These include the role of Arab women, family and child health, and training and rehabilitation for people with special needs.
