Dr.. Ahmed Mohammed Ali Mitrisa meeting
Jeddah Saleh Al Ruwais
Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank Group stressed that the inter-Arab trade volume is low and not more than 10% of the Arab trade volume, it came presided over the first meeting of the Council to help the initiative of management in order to trade for Arab countries, which was held at the headquarters of the bank yesterday in the presence of representatives of Arab countries and representatives international organizations, noting that this meeting represents a formal announcement to begin the implementation of this initiative and thanked all the institutions and organizations seeking to ensure the success of this initiative and reformatted into existence.
President of the IDB Group and said that the Arab countries have not succeeded so far in the implementation of the Greater Arab Free Trade Area of the requirements, which missed by many development opportunities and not surprising survival of Arab trade rates interfaces in low levels do not exceed 10% of the volume of Arab trade at their best, while those rates up to about 65% in the EU, and 55% among Asian countries, and 45% among Latin American countries, the percentage of inter-Arab trade is not commensurate with the size of the Arab markets and their contributions to the global economy, especially in an era of technological development in which we live and which is growing the e-commerce, which provides fertile ground allows the exploitation of youth and their ability to communicate and acquire the skills and innovation.
Ali said that the size of the challenges and changes facing our Arab economies is very large. Since the end of last century and the beginning of this century began the emergence of the new world order and the application of the WTO agreements not to mention the economic blocs giant and carries with it a strong rival to the economies of the Arab countries not to mention the global crisis still we overlook with teeth from time to time.
“All these challenges require all of us to exploit all the opportunities available at the international level to increase and upgrade our gains and minimize losses in all sectors and trade sector especially because of its central importance in achieving the Millennium Development Goals and its engine of growth in general, pointing out that the Arab region suffer from low economic diversity, making them dependent on a limited number of commodities and markets and are therefore vulnerable to any repeated political and social tremors.
For his part, Dr. Waleed Abdul Mohsen Al-Wohaib, CEO of the Islamic Corporation for trade financing it at the request of the Arab Group at the WTO in Geneva to the President of IDB Group to prepare and design of this initiative in collaboration with partners from regional and international organizations, the idea of the initiative aimed at attracting technical and financial states support donor and able leadership and development of international institutions for the development of commercial capabilities.
“It is a help for Trade Initiative for Arab countries somewhat unique international partnership between the 22 Arab member states of the Arab League and 5 international organizations and four regional organizations, in addition to seven donors, namely Saudi Arabia, Kuwait, the Arab Republic of Egypt and the Kingdom of Sweden, United Nations development Programme, the Islamic development Bank, Islamic ESTABLISHMENT trade finance, and would do all Hola partners together to achieve the desired goal of the initiative, a trade development and enhance the competitiveness of Arab countries, including Arab LDCs, taking into account the economic disparity among them.Back