Qatar Chamber chairman calls for revitalisation of intra-Arab trade

There is a need to revitalise intra-Arab trade, which, according to Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani, represents only about 10% of the total Arab trade.In the latest edition of Al Moltaqa, Qatar Chamber’s monthly economic magazine, Sheikh Khalifa said despite the presence of “tremendous facilities” and “complete customs exemptions” provided by the Greater Arab Free Trade Area (GAFTA) established two decades ago, “intra-Arab trade still requires solutions to return back on track.”Sheikh Khalifa also lauded the meetings of the 131st session of the Board of Union of Arab Chambers held last June with the participation of union heads and heads of Arab chambers of commerce and industry, who attended to highlight the most important issue: “the necessity of enhancing the intra-Arab trade.” According to Sheikh Khalifa, there is continuous co-ordination between Arab chambers of commerce and industry to enhance intra-Arab trade and mutual investments. Moreover, he said the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries works along with its members to encourage intra-Arab trade and supporting GAFTA to reach a joint Arab market. “Arab countries are urging the enhancement of joint Arab investments by identifying the business opportunities in each country, facilitating the exchange of investments, establishing joint investments, and pursuing Arab economic integration,” Sheikh Khalifa said.He said these efforts are still lacking from Arab businessmen’s interest in directing their investments to Arab countries. Similarly, Arab governments lack the intention to enact legislation for facilitating the import of Arab goods, he said, adding that there is a lack of willingness from Arab consumers to buy Arab goods.“By achieving the above, intra-Arab trade will meet Arab countries’ aspirations for economic integration, which transform them into an Arab economic bloc,” Sheikh Khalifa emphasised.