UAE calls for developing deal on facilitating trade exchange

Gulf Today

15-02-2025

Abdullah Bin Touq Al Marri, Minister of Economy, has affirmed the UAE's full commitment to implementing the provisions of the Agreement on Facilitating and Developing Trade Exchange among Arab Countries.
Touq Al Marri emphasised the need to develop this agreement in line with current economic developments and challenges.
He also urged the activation of the Arab Framework Agreement of Liberalisation of Trade in Services Among Arab Countries, noting that the Arab region possesses promising investment opportunities and capital surpluses but requires practical steps to fully utilise these potentials.
The minister made the remarks in his speech at the 115th session of the Arab Economic and Social Council, which was held on Friday at the HQ of the General Secretariat of the Arab League at the ministerial level.
During the session, the minister handed over the presidency of the current session to the Kingdom of Bahrain after the UAE chaired the previous session.
The United Arab Emirates (UAE) has handed over the presidency of the preparatory meetings for the 115th meeting of the Arab Economic and Social Council (AESC) to Bahrain.
The meetings commenced on Sunday at the headquarters of the General Secretariat of the Arab League, where the Social Committee convened to prepare the draft agenda related to the social dossier of the session.
The UAE delegation was led by Juma Mohammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, as well as several officials at the ministry.
In his opening speech, Al Kait reaffirmed the UAE's unwavering commitment to supporting all frameworks of joint Arab action across various fields, including the social sector and its associated projects and initiatives, in line with the vision and directives of its leadership.
He highlighted that during its presidency of the 114th session of the Council, the UAE was keen to support and endorse various Arab efforts to advance social progress, contributing positively to comprehensive and sustainable development.
He also underscored the significance of pioneering initiatives that bring tangible progress and prosperity to Arab societies, citing the Arab Reading Challenge as one of the region's most prominent knowledge and cultural initiatives driving social development.
Al Kait stressed the importance of continuing joint efforts to implement the resolutions of the 114th session of the Economic and Social Council, which serve as a fundamental pillar and roadmap for achieving common objectives in economic and social development.
He announced the formal handover of the presidency of the current session to Bahrain and extended his best wishes for its success in supporting Arab development efforts and enhancing the work of the Arab Economic and Social Council across various sectors to promote prosperity for Arab nations and peoples.
Meanwhile Abdulla Bin Touq Al Marri, Minister of Economy, emphasised the private sector's role as a key partner in driving national economic growth and boosting its competitiveness at both regional and international levels.
In a session titled 'Hard Power: A Wake-Up Call for Businesses Amid Global Economic Shifts,' held at the 55th Annual Meeting of the World Economic Forum in January 2025, Al Marri added that the UAE has consistently involved the private sector in numerous national strategies and plans launched over the past years, creating a unique model of successful public-private partnerships in the country.
He stated that the number of new economic licences issued in UAE markets totalled 200,000 in 2024. The session explored the impact of global tensions on the private sector and how businesses are rethinking strategies to strengthen their tools and adopt sustainable practices to address economic challenges regionally and internationally.
It also discussed mechanisms to enhance profitability across various economic sectors, as well as the importance of providing additional incentives and enablers to encourage entrepreneurs to achieve high growth rates and expand into vital and sustainable sectors.
Bin Touq said, 'The UAE has pioneered a visionary approach to developing a dynamic and competitive economic legislative framework based on global best practices. Over the past four years, the nation has issued and updated over 30 key economic laws, policies, and resolutions, focusing on new and future-centric sectors, including e-commerce, arbitration, commercial transactions, family businesses, and cooperatives.
'These efforts have made the UAE a more attractive destination for businesses and entrepreneurs from around the world, strengthening its position as a regional and global hub for business and investment.'