Arab nations urged to align their economies on global trends

Ministers of economy meet at Arab League HQ in Cairo

The UAE has called for reformulating Arab economies policies and programmes to align with global trends.

This was the message of Abdullah bin Touq Al Marri, UAE Minister of Economy when he addressed the 112th session of the Economic and Social Council of the Arab League.

The session was recently held at the ministerial level at the Arab League headquarters in Cairo, Egypt.

Ministers from across the Arab world discussed mechanisms to strengthen Arab cooperation in diverse economic and social sectors at the Cairo session.

Addressing the session, as head of the UAE delegation, Al Marri said: “We reaffirm our commitment to enhancing the progress of collective Arab efforts and refining them to align with the developmental goals of the Arab nations. Our aim is to enhance the mechanisms of collaborative Arab endeavours, ultimately fostering sustainable prosperity and well-being for both present and future generations.”

Technological revolution benefit

He added: “The ongoing technological revolution presents significant opportunities for the expansion and flourishing of Arab economies. It is imperative that we reshape our economic policies and initiatives to align with the prevailing global trends in the new economy sectors, which now serve as the primary drivers of the worldwide economy.

“Furthermore, we should create a more conducive environment for startups and the private sector to actively engage as collaborative partners in spearheading this transformative journey in the development process.”

“There is also an urgent need to endorse comprehensive, robust, and diversified economic policies across the Arab world. We must expedite the implementation of existing Arab initiatives, such as the formation of a unified customs union and the Greater Arab Free Trade Area.

“This is particularly important given the evolving geopolitical landscape on the global stage. We also look forward to adopting more effective mechanisms to facilitate non-oil trade among Arab nations, ensuring the smooth flow of goods and commodities without encountering customs complexities.

“These measures will serve to sustainably bolster the economic growth of Arab nations,” Al Marri added.

The Arab League has 22 members.

Featured image: Abdullah bin Touq Al Marri, UAE Minister of Economy and the UAE delegation, attend the 112th session of the Economic and Social Council of the Arab League, in Cairo, Egypt. Image: UAE Ministry of Economy