Arab economic entity emerges as a top-notch demand
Regional, Economics, 6/2/2004
According to analysts latest assessments, the volatile and crucial developments on the regional arena would virtually impose intractable burdens on the Arab states' economies in terms of deepening slackness, growing financial difficulties, low rate of investment and shrinking demand on products and services.
Henceforth, analysts laid emphasis on gearing up to Arab economic integration as an urgent and indispensable need on the Arab and regional level, mainly capitalizing on larger and efficient institutions in this concern.
On the same score, Chairman of the Shura Council's Industrial and Energy Committee Mohammed Farid Khamis asserted that narrowing the gaps among Arab states requires adopting new policies for merging the Arab economies, creating a favorable investment climate and ensuring a free movement of capital as well as labor.
Furthermore, Khamis urged for the establishment of an Arab free trade area on the basis of unifying customs tariffs on production inputs and ensuring technical specifications and rules of origin for the Arab commodities.
Former Governor of the Central Bank of Egypt (CBE) Ismail Hassan suggested the reinforcing of the role of the current existing Arab financial institutions that launched in the early sixties rather than setting up a unified Arab bank.
As for ensuring a unified Arab currency, Hassan noted that it is a hoped for goal far beyond application due to the discrepancies in the Arab budget deficits and economic potentials.
On his part, Secretary General of the Arab Banking Union Fouad Shaker underlined the necessity of unifying the Arab Banking structure in terms of legislations, capital adequacy Ratio and liabilities in the best interest of a strong Arab and build banking system.
Chief of the Egyptian Financial Group Mohammed Taymour confirmed that an Arab unified stock exchange will greatly contribute to enhance financial cooperation and raising the value of the market capital, a matter which requires setting enhancing up the necessary infrastructure, circulation system, control and clearance.
In this regard, Secretary-General of the Arab Investors Federation Gamal Bayoumi clarified that the meager volume of inter-Arab trade is attributed to the lack of a varied and sizeable Arab industrial base besides the absence of adequate market research.
For these reasons, Bayoumi called for mapping out an Arab action plan designed to encourage investments and bolster, socio-economic development goals in the Arab region.
To experts, it is high time for an Arab economic entity to emerge in a marked successful regional context so as to be qualified for competitiveness and merger into the global economy.
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