Arab, UK economic partnership heading in the right direction

Arab, UK economic partnership heading in the right direction

Arab and UK officials on Monday agreed that economic partnerships are heading in the right direction as rate hikes have been fostered in the past years.

The 3rd Arab-British Economic Summit, organized by the Arab-British Chamber of Commerce in London, focused on discussing the most prominent aspects of cooperation and mutual investments available to businessmen and investors while also including the challenges that may hinder sustainable development goals.

One of the prominent speakers, Secretary-General of the Arab League, Ahmad Abul-Gheit, stressed the importance of political stability and prioritising the Palestinian cause to a fair and final solution, and the opportunity for economic cooperation and investment without boundaries.

Abul-Gheit also mentioned a number of Arab countries are working hard to present solutions to better the development process through a better investment climate by removing any possible obstacles, pointing to last year’s 1,617 investment projects valued at USD 200 billion.

He also assured investments with the UK will continue under the framework of strengthening economic ties, noting the USD 57 billion invested in 2021.

British Minister of State for MENA, Lord Tariq Ahmed said the Kingdom has an extensive history of cooperation and partnerships with Arab nations, especially in the Gulf Cooperation Council (GCC) member states.

The Free Trade agreement with the GCC is heading in the direction intended whilst in a fast pace, and it is expected that positive outcomes will ensue following implementation, he added.

On his behalf, British trade negotiator for the Middle East, Oliver Christian, considered the dialogue to be an opportunity to bear opportunity “with no limits,” including the potential of a workforce capable of boundless economic development.

He also pointed out that 92 per cent of Algerian exports to Britain is profiting from tax exempt, while Britain’s imports from Arab countries amounted to 38 billion pound sterling (USD 47 billion).

As for the President of the Federation of Arab Chambers of Commerce, his notions were that challenges faced in the region must be confronted to better the economic structure as the forefront issues rest on conflict, stability, weak supply chains, and high inflation rates.

The Third Arab Summit through its five sessions, is entrenched on prioritized topics which include ensuring the future of water, food, health, and in addition to developments in the banking, finance, and insurance sectors.

During the third session, the development of e-commerce and artificial intelligence was touched on, while the fourth session discussed the COP28 Summit, and the fifth session, the summit concluded with discussions of future businessmen and contributions to achieving development projects in the Arab world.