The Secretary-General of the Union of Arab Chambers, Dr. Khaled Hanafi, signed with the Advisor to the Council of Arab Economic Unity and Chairman of the Board of Directors of the Arab Federation for Digital Economy, Dr. Ali Muhammad Al-Khouri, a cooperation agreement during the activities of the Investment in Entrepreneurs Summit. Which was held in parallel with the annual investment forum 2023 AIM held in Abu Dhabi, United Arab Emirates.
The agreement defines the objectives, areas of cooperation and the roles of the concerned parties, and emphasizes the importance of cooperation to achieve a common Arab vision for the digital economy. The agreement also aims to promote the Arab digital economy, enhance the reality of Arab trade exchange, and the rates of intra-Arab trade. Achieving Arab food security by taking advantage of e-commerce and modern technology.
Under the agreement, the two parties commit to expanding the scope of application of the Arab Free Trade Agreement and increasing the capabilities of e-commerce and modern technology in the Arab region. As the e-commerce market in the Middle East and North Africa region is the fastest growing in the world, with a value of $ 49 billion by the end of 2022. Several areas of common interest for cooperation were identified, such as supporting Arab trade exchange activities and increasing Arab merchandise exports. Coordinate the organization of conferences and events, disseminate information on each activity of common interest, organize conferences and events on related topics, and promote the activities and events of each organization to its members.
According to the agreement, the Union of Arab Chambers will support the projects of the Arab Federation for Digital Economy, especially the Arab Food Market, one of the initiatives emanating from the Arab vision for the digital economy. Which was adopted at the thirty-first session of the Arab Summit held in Algiers on November 1 and 2, 2022, by promoting it with all members of the Arab Chambers of Commerce. In addition to providing studies related to Arab food security and intra-regional trade.
At the same time, the Arab Federation for Digital Economy will provide technical support to market users and Arab companies, in addition to providing new innovative consultations and solutions to enhance Arab commercial prosperity. In addition, work to grow the volume of Arab merchandise trade with the world. The two parties value the role of the private sector and encourage participation and investment in future projects and cooperation in the implementation of joint projects in line with their objectives in advancing economic development in the Arab countries.
Source (Union of Arab Chambers)
