Shaikh Hamdan hails UAE experience of free trade

ABU DHABI - Shaikh Hamdan bin Rashid Al-Maktoum, the Deputy ruler of Dubai and Minister of Finance and Industry, has said that the Arab world can benefit from the UAE experience of free trade in boosting its economic development.

By Haseeb Haider

Published: Thu 24 Apr 2003, 12:33 PM

Last updated: Wed 1 Apr 2015, 7:44 PM

Openning Joint meeting of Arab Ministers of Trade and Finance, which discussed issues relating to Trade Policy integration in to Development stratagies and Plans of Arab Countries, here, in the capital organised by the Arab Monetary Fund (AMF) in collaboration with World Trade Organisation (WTO), Shaikh Hamdan bin Rashid Al Maktoum said that it was the right time to convene such a conference as the region and entire globe was facied with instability.

Talking about the experience of the UAE in promoting and encouraging free trade, he said whole the AGCC region was now encouraging and giving new dimensions to economic growth. He said that the free market has led to the establishment of AGCC Customs Union and was looking to set-up a Monetary Union in 2007, which would bring more growth opportunities to the region.

He said he hoped that all Arab countries would adopt this idealogy and methodology in order to enhance their economic ties with each other and form a strong regional group and strategy while negotiating at World Trade Organisation (WTO), in the larger interest of their economies.

He said: "Now its time to direct our focus and seriously deal with the economic aspects for inter- Arab cooperation in this field ."

The UAE, he said, is giving due attention to social and economic development and its economy. Despite being driven by oil, the country was working aggressively in diversifying the sources of its national income which would bring a lasting impact on the economic development.

He said the country enjoyed a strong and most modern infrastructure in the fields of Information Technology, telecommunications, communication, Financial and service sector ., which laid the foundations for its growth.

He said that the UAE economy may not be affected by the war on Iraq, due to its strong fundamentals. The economy was on ithe right direction and there were no difficulties.

He said hoped to bring the date for establishing the Gulf Monetary Union from 2010 to 2007, noting that achieving an earlier date for the Currency Union was at present under serious consideration by the AGCC countries.

More news from Business
In-store shopping regains trust


In-store shopping regains trust

What is happening now is that as Covid-19 cases continue to decline, residents are regaining confidence in in-store shopping. This is according to a Kearney study in which UAE respondents cite convenience (51 per cent), enhanced shopping experience (49 per cent) and competitive pricing (44 per cent) as the main motivators driving them back to brick and mortar stores

Business3 days ago