Abdullah Bin Touq Al Marri, the Minister of Economy, has reiterated the United Arab Emirates’ strong commitment to implementing the provisions of the Agreement on Facilitating and Developing Trade Exchange among Arab Countries. He emphasized the necessity of updating this agreement to reflect current economic developments and challenges.

During his speech at the 115th session of the Arab Economic and Social Council, held at the General Secretariat of the Arab League, Al Marri also urged the activation of the Arab Framework Agreement of Liberalisation of Trade in Services Among Arab Countries. He highlighted that while the Arab region has abundant investment opportunities and capital surpluses, it requires practical measures to fully leverage these potentials.

The UAE recently transferred the presidency of the preparatory meetings for this council session to the Kingdom of Bahrain. The meetings began on Sunday at the headquarters of the Arab League, where discussions focused on the social agenda for the session. The UAE delegation was led by Juma Mohammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, along with several other ministry officials.

According to Gulf Today, in his remarks, Al Kait reaffirmed the UAE’s dedication to supporting joint Arab initiatives across various sectors, including social development. He noted that during its presidency of the 114th session of the council, the UAE actively supported various Arab efforts aimed at advancing social progress, which contributes positively to sustainable development.

Al Kait also pointed out the importance of pioneering initiatives that foster tangible progress within Arab societies, mentioning the Arab Reading Challenge as a significant cultural initiative. He stressed the need to continue collaborative efforts to implement resolutions from the 114th session, which serve as a vital roadmap for achieving shared economic and social development goals.

Furthermore, Al Marri highlighted the crucial role of the private sector in driving national economic growth and enhancing competitiveness at both regional and global levels. At the 55th Annual Meeting of the World Economic Forum, he stated that the UAE has integrated the private sector into various national strategies and plans over recent years, showcasing a successful model of public-private partnerships.

In 2024, the UAE issued a total of 200,000 new economic licenses, reflecting the dynamic nature of its market. The session at the World Economic Forum explored how global tensions impact the private sector and necessitate strategic rethinking among businesses to enhance sustainability and profitability.

Al Marri concluded by asserting that the UAE has adopted a forward-thinking approach to developing a competitive economic legislative framework aligned with global best practices. Over the past four years, the UAE has updated over 30 key economic laws and policies focusing on future-oriented sectors such as e-commerce and family businesses, making it an attractive destination for global entrepreneurs and investors.