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2/22/24, 3:41 PM PRESSR: UAE participates in 113th Arab Economic & Social Council meeting — TradingView News
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 addressed the

importance of completing joint efforts to implement the Greater

Arab Free Trade Area, a significant step forward in supporting the

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