UAE affirms its support for joint action to enhance economic & trade cooperation and investment exchanges among Arab countries

GAFTA, the Arab Customs Union, the new Arab investment agreement, tourism innovation & smart tourism among key topics on meeting agenda

 The UAE participated in the 109^th meeting of the Economic and Social Council of the League of Arab States, which was held recently at the headquarters of the General Secretariat of the League in the Egyptian capital, Cairo. The meeting focused on a number of economic and social topics that support comprehensive and sustainable development in the Arab countries. The UAE’s delegation participating in the meeting included HE Abdulla Ahmed Al Saleh, Undersecretary of the Ministry of Economy, on behalf of HE the Minister of Economy; and HE Juma Al Kait, Assistant Undersecretary of International Trade Affairs, Ministry of Economy.

During the meeting, the UAE highlighted its innovative project titled ‘the Regulations Lab’ (RegLab), which is a creative approach to change making through the drafting of regulations on emerging technologies and implementing them with the cooperation of executive authorities, the private sector, innovators, and entrepreneurs. This promotes participation in developing new legislation that help to keep up with the continuous advancements in various fields of innovation, research and development, and advanced technologies, in a way that ensure coordination between the speed of legislation and the speed of innovation. It ensures the readiness of the legislative ecosystem in supporting and organizing projects based on innovative and technological advancement without challenges or delays.

The Economic and Social Council praised the UAE’s initiative in sharing its experience with the Regulations Lab with other member countries of the council. H.E. Al Saleh invited the Arab countries to benefit from the UAE’s experience by holding joint workshops in order to transfer the experience of the Regulations Lab, which aims to provide a safe experimental environment for developing legislation of the future. H.E. further explained that the UAE adopted this initiative to enhance its leading position as a global incubator of innovation and a hub for testing and implementing new legislation and developing legislation based on emerging technologies, in line with the goals and principals of the Project of the 50 and the UAE Centennial 2071.

H.E Al Saleh also emphasized that under the vision and directives of its wise leadership, the UAE is keen to support the efforts and initiatives of the joint Arab action in various economic and social fields of joint interest. The country seeks to contribute to enhancing the elements of the Arab economic integration, develop intraregional trade, and encouraging the flow of investment among Arab countries, using effective and regenerative methods and in a way that would help create a supportive environment for activities and business in the Arab countries’ various vital economic sectors.

The economic agenda for the Council’s 109^th meeting session included a number of important topics, such as: the economic file of the Council of the League of Arab States, the decisions of the fourth session of the Arab Development Summit, developments in the Greater Arab Trade Area (GAFTA), developments in the customs union, the new Arab investment agreement, the agreement regulating technical and financial procedures for maritime transport of passengers and goods between Arab countries, and tourism innovation and smart tourism in the Arab countries. With regard to the social aspect, the meeting saw discussion on developing the framework of international – Arab collaboration in the social and development fields.

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