CAIRO: The Arab region needs to move swiftly now, more than ever before, towards implementation of economic and social programmes and initiatives to bolster its economy, and generate job opportunities for the unemployed, Sultan bin Saeed Al Mansouri, UAE's Minister of Economy, said in his keynote address as chairman of the 96th ordinary ministerial meeting of the Arab Economic and Social Council, at the Arab League's Secretariat General in Cairo yesterday.
The region also needs to increase its self-dependence to meet demand, mitigate the impact of price fluctuations in foreign markets, curb the decline in world oil prices, and stop the flight of human capital and talented minds to the advanced nations, Al Mansouri added.
'Time is opportune today to implement a variety of joint developmental projects, improve legislative frameworks that regulate inter-Arab economic relations so as to build the Arab joint economic integration,' he said in his address.
'The meeting is being convened amidst rapid developments and tremendous challenges facing our Arab region and its people. This situation requires more solidarity and co-operation so as to co-ordinate and reinforce Arab joint action economically and socially to address these challenges,' he told the gathering.
He said the agenda of the meeting includes key issues of interest to Arab countries, particularly the implementation of resolutions issued by Arab summits and the Arab Economic and Social Council, and those recommended by conferences and summits held in the Arab region with other world groups.
'We need to see tangible progress in the implementation of these resolutions and recommendations to realise the aspirations of Arab countries,' he emphasised.
Issues relating to progress of the Greater Arab Free Trade Area (GAFTA) and the Arab Customs Union will also figure high on the agenda.
'Arab economic integration has become an urgent demand for tackling the economic challenges facing the Arab countries and advancing efforts towards sustainable economic development,' he added.
Like other Arab countries, the UAE views with great interest the GAFTA as one of the major gains of Arab joint co-operation and efforts should continue to remove barriers so as to stimulate inter-Arab trade exchange and accelerate the drive towards the Arab Customs Union, the minister added.
The UAE minister indicated that inter-Arab exports rose from US$71 billion in 2007 to $113 billion in 2013, while inter-Arab imports grew from $64.7 billion to $114.3 billion for the same period, noting that these figures did not match the huge potential, capabilities and aspirations of the Arab countries.
The minister blamed the lack of transparency, bureaucracy, customs, non-customs complicated formalities, and non-compliance with obligations, apart from weak infrastructure of land and marine transport and communications, fragile Arab economic structures, and the lack of a robust services sector as the main culprits behind low inter-Arab trade exchange.
'We expect inter-Arab trade exchange to grow more than 10 per cent, if these barriers are removed,' he said.
Turning to investment, the minister stressed that the sector holds the key for holistic development, notably economic development, and there is an urgent necessity to reduce risks before inter-Arab direct investment to ensure inflow of capital into the development process. Inter-Arab investment stood at $103 billion between 2001 and 2012, a figure which was good but below expectations even with the available resources.
The minister acknowledged the importance of the Arab economic bloc in light of the world's drive to redraw the global economic map by opening up new markets and forging economic alliances.
He called on Arab states to endorse the amended Unified Agreement for the Investment of Arab Capital in the Arab states as part of efforts to boost Arab joint action, improve the investment climate and streamline business practices.
'The UAE is in the process of endorsing this agreement and its economy is open to any Arab investor,' he announced.
In this regard, the UAE is gearing up to host the 17th cycle of the Arab Investors and Businessmen Conference, a pan-Arab economic and investment gathering that seeks to strengthen cooperation among countries of the Arab world, he said.
Themed, ‘Investment in Innovations and Entrepreneurship', the event is on 11th and 12th, November, 2015, under the kind patronage of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.
The minister said, 'We are living in a world of rapid development that requires us to be creative and innovative to catch up with its quick pace. For that, the UAE, along with many Arab countries, has adopted pro-innovation policies in both public and private sectors.' The UAE, he added, had also adopted policies to diversify sources of national income, move towards knowledge-based economy and encourage innovation. It also followed strategic planning mechanisms to increase participation of the private sector in the development drive. It has also drawn a roadmap to reach its targets for raising growth rates, diversifying income and maintaining high living standard and sharpening competitive edge and keep pace with modern technology.
The UAE is currently completing the transformation towards a smart government to deliver public services through smart applications harnessing the advanced Information and communications technology (ICT), he said.
'The UAE ranked high in many international development indexes thanks to its adoption of modern technology,' he noted.
Concluding his statement, Al Mansouri emphasised the UAE's determination during its presidency of the 96th ordinary meeting to do whatever in its power to advance Arab joint action, especially in central issues.
Addressing the session, Arab League's Secretary-General Nabil Al Araby admitted that troubling political developments had a deep bearing on the gains of development in the Arab world.
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