ACC calls on orchestrating efforts to achieve pan-Arab economic integration

[25-06-2022 01:48 PM]

Ammon News -

Chairman of the Amman Chamber of Commerce (ACC), Khalil Haj Tawfiq, called on focusing on pan-Arab economic cooperation and integration, led by the private sector, which should be supported by Arab governments to facilitate its work.

Speaking at the 17th Turkish-Arab Economic Cooperation Summit, which concluded Friday evening, in the Turkish city of Istanbul, he said: "Integration should made in its first stage among Arab private sector's institutions, which today lack coordination."

According to an ACC statement on Saturday, Haj Tawfiq said the Arab private sector "works without a compass due to existence of multiple references, despite the availability of many commonalities and investment opportunities in various countries, which are still unseized."

The Arab private sector, he noted, is "professionally and morally obligated" to achieve pan-Arab economic integration, especially in the difficult circumstances facing food security, which is related to prices and the citizen's capability to purchase foodstuffs.

To push cooperation, he called for holding a special meeting in the Kingdom for Arab private sector actors to orchestrate efforts and achieve integration.

On action to realize these goals, he said each country should identify investment opportunities and benefits within clear plans to be adopted by all states.

In addition, he noted ACC is "fully" prepared to host this proposed meeting as soon as possible, and invite Arab private sector institutions to come up with a plan that commits governments to investment projects.

He also pointed to the need to create a private body, which could be a joint economic council or an Arab union to orchestrate Arab private sector's efforts, especially in light of global economic difficulties, climate change challenges, rise in energy and commodity prices, and supply chains imbalance.

Haj Tawfiq recommended establishment of an Arab data bank, which would provide an investment database, map, benefits and project costs for each Arab country.


Locally, Haj Tawfiq said Jordan's Economic Modernization Vision is a road map for the next ten years, highlighting the government's effort to complete a new investment law to improve the Kingdom's business climate, in light of its stability and trade agreements signed with various global economic blocs.

He also stressed the need to revive Turkish-Jordanian free trade agreement (FTA) that was suspended in 2018.

Elaborating influence of scrapping the FTA, he said the Kingdom's imports from Turkey amounted to $683 million in 2017, compared to %140 million in exports, while imports rose during the past year to $691 million, compared to $98 million in exports.

In this regard, he noted any disproportion of Jordan- Turkey trade balance could be addressed by setting exceptional lists to protect Jordanian industries.

On steps to push cooperation, 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, seize opportunities to establish trade partnerships, network with companies and open new markets.

Investment in Palestine is "a national and religious duty," with the aim of supporting Palestinian people's steadfastness, in light of the Israel's practices and its continuous attempts to control Palestinian economy.

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