ACC calls on achieving pan-Arab economic integration

2. ACC calls on orchestrating efforts to achieve pan-Arab economic integratio
Amman Chamber of Commerce Chairman Khalil Haj Tawfiq at the 17th Turkish-Arab Economic Cooperation Summit. (Photo: Petra)
AMMAN — Amman Chamber of Commerce (ACC) Chairman Khalil Haj Tawfiq encouraged focusing on pan-Arab economic cooperation and integration at the 17th Turkish-Arab Economic Cooperation Summit, which concluded Friday in Istanbul.اضافة اعلان

According to the Jordan News Agency, Petra, Haj Tawfiq asserted that the pan-Arab economic effort should be led by the private sector and supported by Arab governments to facilitate its work.

The private sector, according to Haj Tawfiq, currently suffers “from lack of coordination”. He added that it also works without a strategy or guide, “despite the availability of many commonalities and investment opportunities in various countries, which are still unseized.”

Challenging circumstances, especially food security, which relates to prices and people’s ability to purchase goods, make the Arab private sector “professionally and morally obligated” to achieve pan-Arab economic integration, he said.

To push cooperation, Haj Tawfiq called for arranging a meeting in the Kingdom for Arab private sector actors to integrate and unite efforts. Each country, he said, should identify investment opportunities and benefits within clear plans to be adopted by all states to reach pan-Arab economic cooperation.

The ACC is “fully prepared” to host this proposed meeting as soon as possible, he said.

A private body — a joint economic council or an Arab union to facilitate the Arab private sector’s efforts — must be established, especially in light of global economic difficulties, climate change challenges, rise in energy and commodity prices, and supply chain imbalances, said Haj Tawfiq.

 An Arab data bank, which would provide investment databases, maps, and project costs for each Arab country, should also be established, he added.

Locally, he said, Jordan’s Economic Modernization Vision is a road map for the next 10 years. He also highlighted the government’s effort to complete a new investment law to improve the Kingdom’s business climate.

He also stressed the need to revive the Turkish-Jordanian free trade agreement suspended in 2018, as Jordan’s 2017 imports from Turkey amounted to $683 million, and $140 million in exports, while last year’s imports rose to $691 million and $98 million in exports.

Haj Tawfiq called on Jordanian traders and investors to participate in international, regional, and Arab forums and exhibitions to get acquainted with participating countries’ products, take advantage of opportunities to establish trade partnerships, and network with companies.

He also stated that investment in Palestine is “a national and religious duty” that supports the Palestinian people’s steadfastness, especially in light of Israel’s continuous attempts to control the Palestinian economy.

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