Latest news with #ArabEconomies
Observer
12-05-2025
- Business
- Observer
Oman hosts key WTO roundtable to boost Arab trade integration
MUSCAT:The Sultanate of Oman kicked off the 13th China Roundtable Meeting on WTO Accession in Muscat under the theme 'Advancing Arab Economies: From Strategic Accession to Global Trade Integration.' Held in cooperation with the World Trade Organization (WTO) and the Government of the People's Republic of China, the three-day event brings together officials from WTO member and aspiring countries to strengthen multilateral trade engagement. Dr Saleh bin Said Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, said Oman's hosting of the event underscores its commitment to constructive dialogue and international cooperation within the multilateral trading system. He highlighted Oman's instrumental role in supporting developing nations — such as Seychelles and the Comoros — in their WTO accession by offering both technical and financial assistance. Masan noted that Oman looks forward to the roundtable promoting new avenues for trade and economic cooperation, further easing accession pathways for aspiring WTO members, and contributing to a more inclusive global trading framework. — ONA
Times of Oman
12-05-2025
- Business
- Times of Oman
13th WTO Accessions roundtable meetings begin in Muscat
Muscat: The 13th China Roundtable on World Trade Organisation (WTO) Accession commenced on Monday in Muscat under the theme 'Advancing Arab Economies: From Strategic Accession to Global Trade Integration.' Hosted by the Sultanate of Oman in collaboration with the WTO and the Government of the People's Republic of China, the three-day event aims to foster dialogue on global trade integration. Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Trade and Industry, emphasized that Oman's hosting reflects its commitment to constructive dialogue and strengthening multilateral trade cooperation. He noted that the roundtable sessions stem from productive collaboration with the WTO and China, providing a platform to discuss accession challenges and share expertise among member states. Dr. Masan highlighted Oman's proactive role in supporting developing nations' WTO accession efforts, including technical and financial assistance to Seychelles and the Comoros, underscoring Oman's dedication to international cooperation and shared development. He expressed hope that the discussions would unlock new avenues for economic and trade collaboration, promoting a fairer and more inclusive global trade system. On his turn, Sheikh Khalifa Ali Al-Harthy, Undersecretary of the Foreign Ministry for Political Affairs, remarked that holding these meetings for the second time in an Arab nation—following the 12th roundtable in Abu Dhabi (2024)—signals the region's growing role in advancing multilateral trade. He stressed that WTO membership serves as a strategic milestone for nations seeking global economic integration, fostering growth, investment, and competitiveness. Meanwhile, WTO Deputy Director-General Xiangchen Zhang praised Oman's post-accession economic diversification and reforms since joining the organization in 2000. In a recorded address, he noted that the region's share of global non-oil merchandise trade remains below 2%, with intra-Arab trade under 10% in 2022—a gap WTO accession could help bridge by spurring domestic reforms and regional integration. China's Vice Minister of Commerce, Yan Dong, emphasised the rules-based multilateral trade system's three-decade contribution to facilitating global trade and investment. The roundtable features five key sessions, covering topics such as GCC economic visions, trade's role in diversification strategies, Oman's economic diplomacy, and private-sector engagement. A joint Arab study on WTO accession best practices will also be launched, analyzing recent Arab members' experiences. The meetings aim to bolster Arab and international cooperation under the WTO framework while reinforcing Oman's position as a hub for economic dialogue. Since its 2012 launch in Beijing, 12 roundtables have been held globally, including at WTO ministerial conferences. The Abu Dhabi 2024 meeting marked the first in the Arab world. The opening was attended by Qais Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, alongside GCC ambassadors and senior officials from member states.
Al Etihad
05-03-2025
- Business
- Al Etihad
UAE has the highest level of wellbeing in Arab world
5 Mar 2025 02:32 KHALED AL KHAWALDEH (ABU DHABI)The United Arab Emirates enjoys the highest level of wellbeing in the Arab world, according to a landmark new report from the United Nations Economic and Social Commission for Western Asia (ESCWA).The "Real Sizes of Arab Economies" report released on Monday found that the UAE had the highest "Actual individual consumption" (AIC) per capita score in the region. AIC measures goods and services consumed by households and is used as an indicator of the material welfare of an AIC per capita of at $32,056, the United Arab Emirates came in 24th place in the world. The next top performer from the region was Kuwait in 37th place. The rating indicates strong material wealth for the country's residents, which can be foundational to a strong consumer market and broader Comparison Programme Regional Manager for the Arab region at ESCWA and author of the report, Majed Skaini, commented: "Although Qatar ranked as the richest Arab country, it came only 3rd in terms of material wellbeing of residents, measured through actual individual consumption per capita (AIC), the highest level of material wellbeing in the Arab region was scored by the UAE."The report presents purchasing power parities, price level indices, income levels, and total per capita expenditure for the Arab region for the period from 2017 to 2023, and uses statistics from the ICP. It takes a deep dive into 2017 and 2021, years when global ICP data was available, and provides accurate information about the real size of the Arab economy in relation to that of the world economy at that shows a stark disparity between the largest and smallest economies in the Arab world, with the UAE, Saudi Arabia and Egypt accounting for nearly 60% of the region's total output, despite representing only a third of the population. The UAE was responsible for 9% of regional output, whilst only comprising a mere 2% of the the UAE was the third most expensive country in the region and 27th globally, with a price level index 2% higher than the global average - the most expensive category being health; a result that the report says is expected considering the high income and relative wealth of the country. Overall, the report found that the Arab economy accounted for 5% of the global economy overall in 2021, with substantial room to grow, considering the large amount of wealth and growing population throughout the region.
