Page 48 - MOE ENGLISH PR REPORT - FEBRUARY 2024 ( International)

Press Release

UAE participates in 113th Arab Economic & Social Council meeting
reiterating support for joint efforts to achieve sustainable economic
development

H.E. Bin Touq highlights UAE’s keenness to strengthen Arab level cooperation in
new economy sectors

Abu Dhabi, 15 February 2024:

H.E. Abdulla bin Touq Al Marri, Minister of Economy, led the UAE delegation at the 113th Arab
Economic and Social Council meeting held at the General Secretariat of the Arab League in Cairo,
chaired by the Hashemite Kingdom of Jordan and attended by delegations from member states.
The meeting discussed strengthening of Arab cooperation on various economic and social issues
and ways to operationalize the executive decisions approved by the Council during its previous
meetings.

The Minister of Economy emphasized that the UAE, under the guidance of its wise leadership, is
keen to support joint Arab efforts, develop mechanisms and action plans that will open up new
prospects to support sustainable economic development, as well as strengthen cooperation with
other Council member states in the sectors of the new economy, tourism, digital transformation,
entrepreneurship, and SMEs.

H.E. Bin Touq pointed out that Arab economies have proven their ability to confront political,
climatic and health changes over the past few years, and the importance of their geographical
location is that it facilitates the global trade movement. According to the International Monetary
Fund (IMF), the Arab countries’ GDP growth rate reached 1.8 per cent in 2023, or nearly 3.4
trillion dollars, and it is expected to reach USD 3.5 trillion in 2024 despite the economic challenges
witnessed by the region during the last stage.

H.E. Bin Touq said: "The latest Council meeting is an important step forward in driving
consultation and discussions on vital economic files that will enhance the competitiveness of Arab
economies and support their growth and prosperity. The topics under discussion are of great
importance in advancing Arab cooperation and charting a roadmap for the region’s further
development and leadership."

In addition, H.E. reviewed a range of topics on the Council's agenda, which will enhance prospects
for economic cooperation among the Arab states. These include the strengthening of joint action
to assess progress on the establishment of the proposed Arab Customs Union, to remove several
obstacles to stimulating the movement of exports and imports among Arab countries. He further