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the UAE’s dedication, guided by its wise leadership, to bolster joint Arab endeavors and
craft strategies and action plans fostering sustainable economic development.

In his address, Minister bin Touq highlighted the UAE’s commitment to strengthening
cooperation with fellow Council member states in key sectors such as the new economy,
tourism, digital transformation, entrepreneurship, and Small and Medium Enterprises
(SMEs). He emphasized the resilience of Arab economies in the face of political, climatic,
and health challenges, noting that the region’s strategic geographical location facilitates
global trade movements.

Quoting the International Monetary Fund (IMF), Minister bin Touq disclosed that Arab
countries’ GDP growth rate reached 1.8 percent in 2023, nearly touching US$3.4 trillion,
and is projected to reach US$3.5 trillion in 2024 despite regional economic challenges.

“The latest Council meeting is a significant stride in facilitating consultations and
discussions on vital economic matters, aiming to enhance the competitiveness of Arab
economies and foster growth and prosperity. The topics under discussion are pivotal for
advancing Arab cooperation and mapping out a developmental roadmap for the region,”
said Minister bin Touq.

Among the topics discussed were the strengthening of joint action for the proposed Arab
Customs Union and overcoming obstacles to promote exports and imports among Arab
nations. Minister bin Touq stressed the importance of advancing efforts to implement the
Greater Arab Free Trade Area, a crucial step in supporting the growth of Arab economies
and facilitating intraregional trade amid the current global economic landscape.

Minister bin Touq reiterated the UAE’s commitment to progressing with the
implementation of the amended Arab Investment Agreement, foreseeing a positive impact
on investment exchanges among Arab states, particularly with the growing Foreign Direct
Investment (FDI) flows in the region.

Commending the Arab Economic and Social Council, Minister bin Touq acknowledged its
pivotal role in community development through various initiatives, events, and training
programs. These efforts encompass health, family and development, as well as training
and awareness programs addressing challenges faced by Arab economies, including the
roles of Arab women, family and child health, and the rehabilitation of individuals with
special needs.

https://thegulfobserver.com/uae-takes-active-role-in-113th-arab-economic-and-social-council-meeting/