UAE Takes Active Role in 113th Arab Economic and Social Council Meeting

Cairo, The Gulf Observer: Abdullah bin Touq Al Marri, Minister of Economy for the United Arab Emirates (UAE), headed the UAE delegation at the 113th Arab Economic and Social Council meeting, hosted at the General Secretariat of the Arab League in Cairo. Chaired by the Hashemite Kingdom of Jordan, the gathering saw active participation from delegations representing member states.

The meeting focused on reinforcing Arab cooperation in various economic and social realms, with discussions centering on operationalizing executive decisions sanctioned during the Council’s preceding sessions. Minister bin Touq underscored the UAE’s dedication, guided by its wise leadership, to bolster joint Arab endeavors and craft strategies and action plans fostering sustainable economic development.

In his address, Minister bin Touq highlighted the UAE’s commitment to strengthening cooperation with fellow Council member states in key sectors such as the new economy, tourism, digital transformation, entrepreneurship, and Small and Medium Enterprises (SMEs). He emphasized the resilience of Arab economies in the face of political, climatic, and health challenges, noting that the region’s strategic geographical location facilitates global trade movements.

Quoting the International Monetary Fund (IMF), Minister bin Touq disclosed that Arab countries’ GDP growth rate reached 1.8 percent in 2023, nearly touching US$3.4 trillion, and is projected to reach US$3.5 trillion in 2024 despite regional economic challenges.

“The latest Council meeting is a significant stride in facilitating consultations and discussions on vital economic matters, aiming to enhance the competitiveness of Arab economies and foster growth and prosperity. The topics under discussion are pivotal for advancing Arab cooperation and mapping out a developmental roadmap for the region,” said Minister bin Touq.

Among the topics discussed were the strengthening of joint action for the proposed Arab Customs Union and overcoming obstacles to promote exports and imports among Arab nations. Minister bin Touq stressed the importance of advancing efforts to implement the Greater Arab Free Trade Area, a crucial step in supporting the growth of Arab economies and facilitating intraregional trade amid the current global economic landscape.

Minister bin Touq reiterated the UAE’s commitment to progressing with the implementation of the amended Arab Investment Agreement, foreseeing a positive impact on investment exchanges among Arab states, particularly with the growing Foreign Direct Investment (FDI) flows in the region.

Commending the Arab Economic and Social Council, Minister bin Touq acknowledged its pivotal role in community development through various initiatives, events, and training programs. These efforts encompass health, family and development, as well as training and awareness programs addressing challenges faced by Arab economies, including the roles of Arab women, family and child health, and the rehabilitation of individuals with special needs.