Inter-Arab Trade Valued At $700 Billion: A Milestone For Global Commerce

Dr. Khaled Hanafi, Secretary-General of the Union of Arab Chambers, recently highlighted the significant role of inter-Arab trade, which currently stands at US$700 billion, accounting for 10-11 percent of global trade. His insights were shared with the Emirates News Agency (WAM) during the 13th WTO Ministerial Conference in Abu Dhabi. Dr. Hanafi emphasized the critical need for growth in this sector through standardization of specifications, enhancement of logistics, and increased private sector participation.

According to Dr. Hanafi, the UAE's contributions to trade and investment are crucial for global economic expansion. The nation's strategic location and advanced infrastructure position it as a prime hub for international businesses, drawing investors, traders, and producers eager to access global markets. The UAE's role as a gateway for worldwide market entry is highly regarded by international investors due to its supportive infrastructure and market reach.

The hosting of significant global events like COP28 and the WTO Ministerial Conference in the UAE underscores its influential position and communication capabilities on the world stage. Dr. Hanafi pointed out that the Arab region's participation in such forums is vital for shaping freer global trade policies.

Highlighting the importance of adhering to WTO rules in international commerce, Dr. Hanafi stressed leveraging these regulations to protect interests and boost participation effectively. He also noted that the conference strengthens the Union of Arab Chambers' representation of the Arab private sector within the WTO, potentially leading to observer status in crucial technical committees.

The private sector's contribution to the Arab region is substantial, making up over 75 percent of the GDP, approximately US$3 trillion, and playing a significant role in employment creation. Dr. Hanafi underscored the necessity of extensive private sector engagement in trade to encourage business growth and sustainable development across Arab countries.

As a leading non-governmental economic organization in the Arab world, the Union of Arab Chambers aims to foster economic cooperation and integration among member states. With members from 22 League of Arab States nations, it seeks to strengthen economic ties within the region.

Dr. Hanafi also advocated for establishing an Arab Common Market and outlined essential principles for achieving economic unity among Arab countries. Moreover, he highlighted the Union's support for government and civil society initiatives designed to enhance integration and coordination across various economic sectors.

With inputs from WAM