Minister of Finance Ibrahim Al-Assaf has called for a review of the rules and regulations impeding the free flow of trade between Arab countries, to boost regional economic growth and job creation.
Addressing the opening session of the two-day Arab Private Sector Forum (APSF-2013) here yesterday, the minister said the only way to stimulate regional trade and investment is to dismantle the trade barriers by allowing duty-free access of goods manufactured in the region. He added that while the Gulf Cooperation Council (GCC) has achieved significant progress in this regard, it is necessary to make the entire region a free trade zone.
Al-Assaf said that customs and tariff barriers are impeding the implementation of investment and industrial projects in Arab countries. “We will now have to review these regulations and double our efforts to achieve the goal through proper channels, in collaboration with the Arab League and with the support of our leadership, to ease the flow of Arab goods and capital between Arab countries.”
“Everyone knows that the private sector is the prime mover of economic growth and activities that provide job opportunities and stimulate the growth of the economy. Yet, we in our Arab region, with the exception of the Gulf Cooperation Council (GCC), have not seen any notable progress in terms of inter-Arab trade and investment in the region.
“We will, therefore, have to review our policies that we adopted in our previous meeting aimed at enhancing mutual trade.”
Mohammed Al-Tuwaijri, assistant secretary-general, Economic Affairs for the Arab League, said Arab countries should learn from various global events, including the economic crises in 2008 and 2009, the financial recession in Europe and the Japan earthquake.
He said, however, there has been progress on the ground including in the maritime and air transport industries, electricity and food security.
However, only a total of $175 million has been spent on various projects from a total of $253 billion earmarked for industrial initiatives in the entire region.
The opening was attended by a number of Arab ministers including Minister of Commerce and Industry Tawfiq Al-Rabiah. The event brings together 500 delegates. The joint organizers are the Council of Saudi Chambers (CSC), General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries and the General Secretariat of the Arab League.
It comes ahead of the major Arab Economic Summit on Jan. 21.
Delegates will discuss creating more than 70 million jobs over the next 10 years, developing small and medium-sized businesses, Arab food security, social housing, industrial development and information technology.
Arab News
