Inter-Arab trade currently stands at $700 billion, making for 10-11% of global trade, said Dr Khaled Hanafi, Secretary-General of the Union of Arab Chambers. In statements to Emirates News Agency on the sidelines of the 13th WTO Ministerial Conference in Abu Dhabi, he pointed to the necessity of fostering growth by standardising specifications, enhancing logistics, and promoting private sector involvement.
He underscored the potential for increased trade, business opportunities, employment, and GDP growth across Arab nations.
Hanafi said that the UAE’s trade achievements, notably in fostering free trade and investment, are seen as pivotal for global economic growth. Its strategic positioning and robust infrastructure make it a preferred hub for global businesses, attracting investors, traders, and producers seeking access to international markets.
He explained that investors worldwide regard the UAE as a launching pad for global market penetration due to its facilitative infrastructure and market accessibility. The country’s hosting of prestigious international events like COP28 and the WTO Ministerial Conference underscores its global leadership, communication prowess, and influence in international forums.
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