Arab News, Sat, Mar 02, 2024 | Shaban 21, 1445
Inter-Arab trade at $700bn: Union of Arab Chambers
Emirates:
Inter-Arab trade stands at $700 billion,
constituting 10-11 percent of global trade, the secretary-general of the Union
of Arab Chambers said on Thursday during the 13th World Trade Organization
Ministerial Conference in Abu Dhabi.
In an interview with Emirates News Agency on the
sidelines of the event, Khaled Hanafy highlighted the potential for increased
trade, expanded business opportunities, job creation and economic growth across
the Arab world through standardization, improved logistics and private sector
engagement.
The UAE’s strategic positioning and robust
infrastructure make it a preferred hub for international businesses seeking
access to international markets, Hanafy said.
Its hosting of prestigious events such as COP28
and the WTO Ministerial Conference underscores its global leadership,
communication prowess and influence in international forums, he added.
“The Arab region’s presence in such events aids in
shaping policies for freer global trade,” Hanafy said, adding that the
conference strengthens the UAC’s position as a representative of the Arab
private sector within the WTO, potentially leading to observer status in key
technical committees.
This, he said, would empower the UAC to exert
greater influence on decisions shaping international trade flows.
The Arab world’s private sector contributes over
75 percent of the region’s gross domestic product, roughly equivalent to $3
trillion. This sector also plays a vital role in employment generation.
Hanafy emphasized the need for even greater
private sector involvement in trade to foster business growth and achieve
sustainable development across Arab nations.
He championed the UAC’s role in fostering trade
cooperation within the Arab world, encompassing both commercial and investment
activities.
Hanafy also advocated for the establishment of the
Arab Common Market, outlining essential principles for achieving economic unity
across the region.
This was the official debut of the Arab private
sector at a WTO Ministerial Conference.
With unprecedented access granted to businesses at
the event, representatives from regional chambers of commerce seized the
opportunity to voice their concerns and aspirations.
Hanafy emphasized the significance of this
inclusion at a roundtable event on the sidelines, saying: “This is the first
time the Arab private sector is welcomed. The Arab private sector must be here.
“This is a great opportunity. There’s an
objective: We want to see the Arab private sector have a larger role.”
Promoting economic cooperation and integration
across the Arab world, the UAC unites chambers of commerce, industry and
agriculture from the 22 Arab League member states.
It supports governmental and civil society
initiatives to strengthen regional economic ties in commerce, industry,
agriculture, finance, investment and services.