UAE reviews key initiatives during its presidency of 114th session of Economic and Social Council of Arab League

Council's presidency handed over to the Kingdom of Bahrain at the latest meeting

H.E. Abdulla bin Touq Al Marri, Minister of Economy, led the UAE delegation at the ministerial meeting of the 115th session of the Economic and Social Council of the Arab League, held at the League’s headquarters in Cairo on February 13. During the meeting, the UAE handed over the Council's presidency to the Kingdom of Bahrain.

At the session, H.E. Bin Touq reiterated the UAE’s commitment, guided by the vision and directives of its wise leadership, to strengthening frameworks for collaborative efforts at the Arab level, across various economic and social development sectors. The UAE actively contributes to the advancement of economic and developmental policies and initiatives aimed at serving Arab interests, driving sustainable progress and promoting prosperity in the region.

In his speech at the session, H.E. Bin Touq said: "Throughout its presidency of the 114th session of the Council, the UAE has worked to support joint Arab efforts in achieving concrete progress across multiple initiatives aimed at advancing sustainable economic and social development. Our focus has been on fostering economic and social integration among member states, promoting investment in key sectors, and addressing future-oriented issues such as food security, sustainability, the new economy, advanced technology, artificial intelligence, innovation, entrepreneurship, and tourism growth."

Advancing economic openness

H.E. Bin Touq added: "The UAE recognizes the strategic importance of collaborative Arab efforts in fostering economic growth and trade. We share a common perspective on the necessity of advancing developmental policies to address social and economic challenges."

H.E. highlighted key areas of focus in strengthening economic cooperation at the Arab level, such as: promoting economic openness among Arab countries, offering Arab investors greater incentives, guarantees, and investment opportunities, and adopting a positive approach to collaboration within the bloc.

UAE’s proposal for trade development in the region

During the meeting, the UAE called upon member states to adopt a comprehensive initiative aimed at enhancing the Agreement on Facilitating and Developing Inter-Arab Trade, which came into effect in 1986 and led to the establishment of the Greater Arab Free Trade Area (GAFTA) in 2005. This initiative is intended to align with current economic challenges and keep pace with the modern changes and trends observed in the global economy. The free trade area is considered one of the most significant achievements in economic cooperation in the region. The UAE delegation also emphasized the importance of intensifying efforts to preserve and support it by diligently working to fulfil its requirements and providing additional facilities, advantages, and trade preferences, thereby bolstering intra-Arab trade and contributing to the economic diversification of Arab nations.

Furthermore, the UAE delegation highlighted the importance of assessing the progress made in the completion of the Arab Customs Union project, nearly three decades after the commencement of the meetings of the committee responsible for it, along with the necessity of establishing a timeline for the completion of this strategic project.

The UAE also emphasized the importance of making progress in the development of the new Arab Investment Agreement, and making appropriate amendments to it within specific timeframes, in order to provide a stimulating investment environment that supports better economic and investment integration. Additionally, the need to activate the Agreement on Liberalization of Trade in Services among Arab States was highlighted, especially given that the region is rich in promising investment opportunities in this sector and has a surplus of capital. The adoption of joint practical measures is necessary to achieve optimal utilization of these resources.

Council’s key initiatives during the previous session

The UAE delegation reviewed the key economic and social initiatives that the Council worked on and made significant progress in during the 114^th session chaired by the UAE. Foremost among these was the enhancement of economic and investment cooperation with various countries and economic blocs. Also notable is the “Enhancing performance of specialized Arab organizations” initiative, which aims to strengthen the efficiency of Arab organizations and leverage their roles and expertise within the framework of joint Arab action.

The delegation also highlighted the “Arab Reading Challenge” initiative, which was put forward by the UAE in the previous session and recorded remarkable figures in participant numbers. Over 28.2 million students signed up for its 8^th edition, reflecting a growth rate of 683 per cent compared to the first session, which illustrates its positive impact. The Council had approved the adoption of the initiative as an educational curriculum and a leading cultural and knowledge project in the Arab world, while the General Secretariat of the Arab League called for supporting its dissemination and enhancement.

The delegation praised the efforts of the General Secretariat of the Arab League and the member states in supporting joint action, expressing confidence in the Council's ability to achieve its strategic objectives under the presidency of the Kingdom of Bahrain.