Building economic bloc is biggest challenge for Arabs

The biggest challenge that the Arab world will have to face in the third millenium is to build an economic bloc comprising all Arab countries and all productive sectors, said Moroccan minister delegate in charge of economic forecasts and planning, Abdehamid Aouad.

Aouad, who was addressing an international conference held June 26-28 on "challenges to Arab development in the third millenium," stressed that a strong political will is needed to carry out restructuring needed to take up challenges to Arab development in today's global economy.

The minister added it is also necessary to improve the level of Arab economic competitiveness through the promotion of enterprises, promotion of economic confidence and efficiency and updating the legal, legislative and administrative framework, while ensuring transparency and good governance.

He further underlined the importance of scientific research, training, countries' stability and social dimension of development strategies.

The conference addresses topics on globalization challenges, repercussions of European single currency on Arab economies, Arab integration, challenges to human development and Euro-Mediterranean partnership accords.