Inter-Arab trade currently stands at $700 billion, making for 10-11 percent of global trade, said Dr. Khaled Hanafi, Secretary-General of the Union of Arab Chambers. Speaking at the 13th World Trade Organization (WTO) Ministerial Conference in Abu Dhabi, Dr. Hanafi emphasized the need for standardized specifications, improved logistics and increased private sector involvement to unlock the full potential of Arab economies. He also underscored the potential for increased trade, business opportunities, employment, and gross domestic product (GDP) growth across Arab nations.
UAE’s role as a global trade hub
Highlighting the UAE’s trade achievements, Dr. Hanafi commended the nation’s efforts in promoting free trade and investment across the Arab world and globally. With its strategic location and world-class infrastructure, the UAE serves as a preferred gateway for global businesses. It attracts investors, traders and producers seeking access to international markets. Dr. Hanafi noted that the country’s hosting of prestigious international events further enhances its global stature and underscores its leadership in facilitating global trade dialogues.
Advancing Arab interests
Dr. Hanafi stressed the importance of Arab representation in international forums like the WTO Ministerial Conference. By actively participating in such events, the Arab region can shape policies for freer global trade. Moreover, it can safeguard its interests effectively. The convening of the WTO Ministerial Conference in the UAE highlights its pivotal role and conveys significant messages for international and Arab trade.
In addition, leveraging WTO rules in international trade is crucial for Arab nations. Hence, this allows them to enhance their participation in the global economy while ensuring their interests are protected.
Empowering the Arab private sector
The private sector significantly contributes to Arab economies and trade. Therefore, Dr. Hanafi emphasized the need for extensive private sector involvement in trade and investment. Overall, the private sector contributes over 75 percent of the GDP, approximately $3 trillion, and plays a substantial role in employment generation. Dr. Hanafi called for concerted efforts to foster an enabling environment for businesses to thrive and contribute to sustainable development.
Read: WTO MC13: UAE to gift trade for development platform to eight member nations
Economic integration
As the premier non-governmental Arab economic institution, the Union of Arab Chambers advocates economic cooperation and integration among Arab countries. The Union aims to enhance regional trade ties and promote the establishment of the Arab Common Market. Dr. Hanafi reiterated the union’s commitment to supporting governmental and civil society initiatives aimed at fostering integration and coordination across various economic sectors.
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