Posted on: Wednesday 27 June, 2012 1:52
|Riyadh economic summit to push intra-Arab trade
The upcoming Arab economic summit in Riyadh would focus on promoting intra-Arab trade, which is now estimated at a tiny 10 percent against a whopping 70 percent intra-EU trade, said Abdullah Al-Mubti, president of the Council of Saudi Chambers, yesterday.
Speaking to reporters, he said a preparatory meeting for a business forum to be held on the sidelines of the January summit was held in Beirut on Friday, adding that the meeting discussed the Arab private sector’s concerns on global economic developments.
“The private sector contributes 50 percent of the gross domestic product of Arab countries,” said Al-Mubti, who is vice president of the Federation of Arab Chambers for Commerce, Industry and Agriculture.
“We’ll make proposals to Arab leaders attending the summit to create a suitable atmosphere for the increased flow of trade and investment between Arab League member countries and strengthen the private sector’s role in economic development,” Al-Mubti said. He highlighted the significance of the economic summit, saying it comes at a time when many Arab and non-Arab countries are facing difficult challenges that demand formation of a strong Arab economic force.