UAE chairs 114th Arab Economic & Social Council session and reaffirms its commitment to continuing collaborative efforts to promote the region’s economic development
UAE chairs 114th Arab Economic & Social Council session and reaffirms its commitment to continuing collaborative efforts to promote the region’s economic development
UAE chairs 114th Arab Economic & Social Council session and reaffirms its commitment to continuing collaborative efforts to promote the region’s economic development
H.E. Bin Touq: The council is a key Arab platform for creating new opportunities that enhance the sustainability of the region's economies
The UAE chaired the 114th Arab Economic and Social Council meeting, held at the headquarters of the General Secretariat of the Arab League in Cairo. The ministerial meeting of the council was chaired by H.E. Abdulla bin Touq Al Marri, Minister of Economy, who discussed ways to enhance Arab cooperation in economic and social fields. The meeting also explored mechanisms to implement the executive decisions approved by the council’s previous meetings, in light of various regional and international developments.
In his speech, H.E. Bin Touq expressed his gratitude to H.E. Youssef Al Shamali, Minister of Industry, Trade and Supply of the Hashemite Kingdom of Jordan, for his dedicated efforts and distinguished role during Jordan's previous presidency of the council. He also extended his thanks to the General Secretariat of the Arab League, represented by Ahmed Aboul Gheit, Secretary-General of the Arab League, for the exceptional efforts made in preparing and organizing the current session.
H.E. confirmed that the Arab Economic and Social Council is one of the prominent Arab platforms for discussion and deliberation, as well as for coordinating joint efforts to create new economic and development opportunities that enhance the growth and sustainability of Arab economies. The current session of the council marks an important milestone in elevating development efforts by member states, contributing to the growth of joint developmental activities and achieving economic and social integration among Arab states. H.E. Bin Touq noted that the meeting is taking place during exceptionally challenging times for the region, which necessitates further cooperation and collaborative efforts to continue advancing development.
In this regard, H.E. Bin Touq pointed out that the UAE, under the guidance of its wise leadership, is keen to continue joint efforts with fellow Arab countries and enhance collaboration to achieve economic and social integration, and to harness all available resources, capabilities, and expertise to support overall development efforts and promote stability in the region.
H.E. said: “The meeting’s agenda included topics that offer valuable opportunities to enhance cooperation among Arab countries in the next stage, both on economic and social fronts. This is especially crucial as the focus is on boosting bilateral trade within the Arab region, which stands as one of the major accomplishments of Arab cooperation. Moreover, it underscores the significance of attracting investments to Arab economies, particularly considering the growing influx of FDI to the region. Furthermore, it highlights the collaborative endeavours aimed at enhancing the performance of specialised Arab organisations.”
Enhancing trade exchange among Arab countries
The meeting reviewed the progress made in the implementation of the Arab Customs Union, while also emphasising the significance of the agreements and trade treaties established within the Arab League, particularly the agreement on facilitating and developing inter-Arab trade. Furthermore, there was a strong emphasis on bolstering regional trade of domestic products.
New strategies to boost investment in the region
The meeting discussed the significance of strengthening efforts aimed at executing the amended Arab Investment Agreement, with the aim of fostering and encouraging investment exchanges among Arab nations. It also highlighted the need to devise new and integrated strategies, embrace flexible economic policies to increase FDI flows, establish a conducive environments for inventive and innovative projects across different sectors, and promote entrepreneurship.
UAE’s proposal to promote a culture of reading and knowledge in the Arab region
The latest Arab Economic and Social Council meeting approved the proposal put forth by the UAE regarding the signing of a joint memorandum of cooperation between the General Secretariat of the League of Arab States and the ‘Arab Reading Challenge’ initiative, which is a part of the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI). The main objective of this collaboration is to promote a culture of reading and knowledge across the Arab world. The Arab Reading Challenge is the largest project in the region that encourages students to read, with more than 28 million students from 50 countries within and outside of the Arab region committing to reading 50 million books throughout the academic year. Additionally, the proposal also urges relevant ministries in Arab countries to adopt the initiative as an educational approach. The meeting welcomed this initiative and conveyed their gratitude and appreciation to MBRGI for their dedicated efforts in promoting reading awareness in the region.
The Minister of Economy thanked the ministers and officials from other Arab nations participating in the meeting for their endorsement of the Arab Reading Challenge Initiative. H.E. emphasised that the approval of this proposal signifies the Arab countries' recognition of the UAE's endeavours in advancing and fostering knowledge and the culture of reading among students in the Arab community. Additionally, it aims to foster an understanding of the significance of reading and its contribution to promoting social development in Arab nations.
Approval of the UAE's proposal on enhancing performance of specialized organizations
The meeting also approved another proposal put forth by the UAE concerning the advancement of specialised organizations. The objective of this proposal is to strengthen these organizations’ contribution towards achieving economic and social integration in the upcoming phase. The proposal involves offering guidance and expertise in different fields of specialisation, including economic, social, cultural, financial, administrational, and media-related matters. It underlines the significance of establishing trust among member states by actively involving these organisations in project assignments and consultations, thereby enhancing their pivotal role in fostering comprehensive development in the region.
Egypt’s proposal to establish the Arab Drug Agency
The meeting’s discussions also reviewed Egypt’s proposal to establish an ‘Arab Drug Agency’ to boost cooperation among Arab nations in the field of pharmaceutical manufacturing, ensuring the availability of medications at reasonable prices, and support Arab, regional, and international efforts in this field.
