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The involvement of Arab countries in world trade enhances competitiveness and faster growth

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The involvement of Arab countries in world trade enhances competitiveness and faster growth

Post by claud39 on Tue Nov 06, 2018 10:02 am


The involvement of Arab countries in world trade enhances competitiveness and faster growth


The Director General of the Arab Monetary Fund Abdul Rahman Al-Humaidi, that many Arab countries «reviewed their legislation and regulations in line with the rules of the World Trade Organization, for its belief in the importance of engaging in the global trading system». "Most Arab countries have concluded bilateral or multilateral agreements for trade with EU countries and other industrialized countries, Exports and raising the efficiency of local production ». 
"The establishment of the Greater Arab Free Trade Area, the reform of trade regulations, the adoption of international standards and the protection of intellectual property rights have led to an improvement in the commercial environment of the Arab countries and to the global level," Al-Humaidi said.

He stressed that the Fund "works to provide technical and institutional support to the Arab countries in the fields of foreign trade on the one hand, and to stimulate them to participate in the multilateral trading system as a way to enhance their competitiveness by developing incentives that encourage investment and reduce obstacles to trade, For producers, and facilitate the exercise of trade activities ». 
Al-Humaidi said opening and liberalizing the markets "helps to increase trade exchange and attract investments, because trade liberalization means removing or reducing customs duties, reducing trade protection and removing customs and non-tariff barriers, such as administrative and investment obstacles, liberalization of services sector and development of laws and regulations regulating markets."

Countries that are more open to international trade "are more competitive and have faster growth rates than countries that have not," he said. Noting that many developing countries "continue to face significant challenges to the gains made by increased trade because of their limited supply capacity and weak investment climate." "Despite the multiplier efforts of many developing countries to address deficiencies, they are often denied access to the markets of developed countries as a result of the continued existence of major trade barriers to their exports, especially in the areas of agricultural commodities," Hamidi said. The five-day course aims to deepen understanding and use the analytical and practical methods required to shape effective negotiating positions on WTO topics.

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