Arab League Economic Council welcomes the UAE's ‘Arab Food Market’ initiative

H.E. Al Kait: The UAE supports the efforts of other Arab economies to transition to future economy

The Economic and Social Council of the Arab League welcomed the UAE’s ‘Arab Food Market’ initiative, recognizing its key role in promoting Arab cooperation in the field of digital economy. This took place at the Council’s 111th session, which was held at the headquarters of the League’s General Secretariat in Cairo.

The UAE delegation that attended the session was led by H.E. Juma Muhammad Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy. The meeting discussed new mechanisms to enhance economic and social development frameworks in Arab nations.

H.E. Al Kait said: “The UAE continues to support joint action and cooperation among Arab countries in various fields. These efforts fall in line with our wise leadership’s directives that highlight the need to achieve sustainable economic and social development goals in all Arab countries. We believe it is key to ensuring the prosperity and development of our people.”

He explained that the ‘Arab Food Market’ initiative forms part of the UAE's efforts to achieve the shared Arab vision for digital economy, launched by H.H. Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE. Furthermore, H.E. underlined that the initiative is one of the main drivers for the Arab world’s transition to future economy, especially as it establishes a broad alliance between the public and private sectors and the technology sector to establish a digital virtual market for foodstuff. Administrative and technological solutions can be found on this platform for transactions related to export activities of food commodities.

Pointing out that the initiative was announced in Abu Dhabi in January 2023 in partnership with the Arab Federation for Digital Economy, H.E. said it will contribute to creating digital interdependence between Arab markets. The initiative will also help them develop their competitive capabilities. The UAE remains committed to strengthening cooperation among Arab countries to set clear mechanisms for the initiative’s implementation, he noted.

Moreover, H.E. Al Kait highlighted the need to create more flexible paths to enhance cooperation and economic integration in the Arab world, which is necessary to drive intraregional trade flows. He elaborated on the importance of continuing efforts to establish the Arab customs union within the framework of the Greater Arab Free Trade Area to help drive the sustainable growth of Arabic economies.

The meeting also saw the Assistant Undersecretary affirms the UAE’s commitment to supporting the transition of Arab economies to future economic models, focusing on the sectors of entrepreneurship, innovative startups, and new economy. The transition is key to driving economic diversification, he said, emphasizing the UAE’s readiness to share its pioneering experience in various fields.

In addition. H.E. Al Kait emphasized the importance of Arab League’s Economic and Social Council as an important platform for discussing developments in the region, developing solutions to the challenges it faces, and preparing future strategies. He pointed out the need to work on joint projects and initiatives that support Arab economies and enhance their growth. He also affirmed the UAE's support for the session’s outcomes.

Apart from the discussion on the UAE’s ‘Arab Food Market,’ the agenda of the session included a review of developments in Arab cooperation, developments in the establishment of Arab customs union; joint plans in the social and development fields, and mechanisms to stimulate investment in Arab countries. The preparations for holding the fifth session of the Arab Development Summit in the Islamic Republic of Mauritania in November 2023 were also discussed.