During its participation in 112^th session of Economic and Social Council of Arab League

UAE calls for reformulating Arab economic policies and programs to align with global trends towards new economy sectors

>> Bin Touq: We reaffirm our commitment to advancing collective Arab initiatives and enhancing strategies aimed at fostering prosperity for both present and future generations, in line with the directives of our wise leaders.

 His Excellency Abdullah bin Touq Al Marri, Minister of Economy, headed the UAE delegation participating in the 112th session of the Economic and Social Council of the Arab League at the ministerial level. During the session, which took place  yesterday  at the headquarters of the General Secretariat of the League of Arab States in Cairo, ministers from across the Arab world discussed mechanisms to strengthen Arab cooperation in diverse economic and social sectors.

His Excellency 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, in accordance with the directives of the wise leadership of the UAE. Our aim is to enhance the mechanisms of collaborative Arab endeavors, ultimately fostering sustainable prosperity and well-being for both present and future generations.”

His Excellency 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,” HE said.

His Excellency also emphasized the significance of empowering Arab women and increasing their involvement in decision-making processes, highlighting the need for policy development aimed at bolstering their presence in leadership roles, which is a fundamental component in fostering the resurgence of nations. He noted that the UAE has come a long way in the field of empowering women in various fields of work. “This progress is attributable to the unwavering support of our wise leadership, stemming from a true belief in the importance of the role played by women as a major partner in the development of society and a pillar of comprehensive and sustainable growth,” HE added.

In this context, His Excellency reviewed the initiative of the UAE regarding the “Center for Arab Practices for Gender Balance” through the signing of a cooperation agreement between the UAE Gender Balance Council and the Arab League. HE elaborated that this initiative is expected to contribute to providing a better understanding of the efforts of Arab countries in empowering women and enhancing their economic and societal contributions. This, in turn, Bin Touq said is expected to bolster the global position of Arab nations in relation to gender equality as reflected in international competitiveness indicators.

His Excellency looked forward to strong Arab participation in the international economic conferences and forums to be hosted by the UAE in the coming period. “This participation would play a crucial role in advancing collective Arab economic interests. These events include the UNCTAD conference, set to occur in October with a focus on ‘Investing in Sustainable Development’, the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in November, and the 13th WTO Ministerial Conference, scheduled for Abu Dhabi in February 2024,” he added.

Bin Touq recognized the pivotal role played by the Arab Economic and Social Council in the development of legislation and programs in support of the Arab development process in order to ensure maximum prosperity for Arab peoples. At the same time, he affirmed the UAE’s support for all the outcomes of the current meeting in order to contribute to the advancement of Arab countries' relations towards more dynamic levels of productive partnership.

The Council's agenda covered a range of important topics, including development in Arab cooperation and advancement in the Arab Customs Union. Additionally, discussions centered around the formulation of a unified Arab speech for the joint annual meeting of the International Monetary Fund and the World Bank in 2023, strategies for supporting the Palestinian economy, and a comprehensive review of the Arab food security report for 2021. The Council also discussed ways to enhance Arab cooperation in social and developmental fields, the digital education initiative in Syria, and special arrangements to prepare for the fifth session of the Arab Economic and Social Development Summit, scheduled to be held in the Mauritania capital, Nouakchott, next November.