{Arab Monetary} discusses trade facilitation agreements

15/9/2018 12:00 am

In a seminar that discussed four axes
Abu Dhabi / Morning follow up
A trade facilitation agreement, organized by the Arab Monetary Fund's Institute for Economic Policy in cooperation with the World Trade Organization (WTO), was concluded on Thursday in Abu Dhabi.
The session discussed four aspects of the WTO agreement on trade facilitation, the importance of applying trade facilitation rules, the challenges facing the implementation of trade facilitation policy in the Arab region, the importance of implementing trade facilitation agreements for small companies
And medium.


economic integration
The process of facilitating trade by removing all obstacles, whether qualitative or quantitative, undoubtedly contributes to the increase of economic integration between countries and thus increase economic growth. The reduction of bureaucratic procedures and the adoption of the principle of transparency in trade are the most important pillars to facilitate the process of trade between
Countries.
"Countries that have pursued economic openness have achieved better growth rates than those countries that continue to protect and limit foreign trade," said Abdul Rahman bin Abdullah Al-Humaidi, director general of the Arab Monetary Fund.


Freedom of trade
Al-Hamidi said in a statement to the IMF that "many new developing countries joining the World Trade Organization (WTO) are still unable to benefit adequately from the benefits of free trade that the WTO agreements are supposed to provide. Access to countries' markets
Developed ".
Training courses
"The Arab Monetary Fund has held a number of training courses in cooperation with the World Trade Organization to provide technical and institutional assistance to Arab countries in the fields of foreign trade and accession negotiations to the WTO to maximize the benefits of their agreements and to obtain the best conditions for accession. In the multilateral trading system and develop their trading systems to be able to compete in the markets
Global ".
He pointed out that "the liberalization of trade and the reduction of customs duties and the removal of bureaucratic restrictions undoubtedly lead to increased trade and attract investment." The most important factors to encourage investment are the development of legislation, laws and services related to markets and trade exchanges.


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