SAUDI ARABIA: At an Arab business forum in Riyadh, Saudi Finance Minister Ibrahim al-Assaf says Arab countries should rethink their approach to trade with a view to further easing restrictions in the region

Record ID: 189100

  • Title: SAUDI ARABIA: At an Arab business forum in Riyadh, Saudi Finance Minister Ibrahim al-Assaf says Arab countries should rethink their approach to trade with a view to further easing restrictions in the region
  • Date: 13th January 2013
  • Summary: RIYADH, SAUDI ARABIA (JANUARY 12, 2013) (REUTERS) OPENING SESSION OF THE ARAB PRIVATE SECTOR BUSINESS FORUM DELEGATES MORE OF OPENING SESSION (SOUNDBITE) (Arabic) CHAIRMAN OF THE GENERAL UNION OF CHAMBERS OF COMMERCE, INDUSTRY AND AGRICULTURE FOR ARAB STATES ADNAN AL-QASSAR, SAYING: "We hope there will be a concerted effort to achieve reform and provide a stable political and economic environment in order to reap the noble objectives of the Arab revolutions." DELEGATES VARIOUS OF WOMEN SEATED AT THE CONFERENCE MALE DELEGATES CLAPPING DELEGATES LEAVING (SOUNDBITE) (Arabic) SAUDI FINANCE MINISTER IBRAHIM AL-ASSAF, SAYING: "This Arab summit is for all Arab countries and the goal is to remove obstacles to trading that face the Arab countries and the barriers to investment between Arab states, as well as removing obstacles that the free Arab trade zone is still facing in some Arab countries." FLAGS OF ARAB STATES (SOUNDBITE) (Arabic) SAUDI FINANCE MINISTER IBRAHIM AL-ASSAF, SAYING: "I think that (the new Arab stock market) is on the forum's agenda and it is related to the private sector. So I think if the private sector reaches an agreement on this, then the Arab countries will acknowledge this move." VARIOUS OF ATTENDANTS NETWORKING DURING COFFEE BREAK (SOUNDBITE) (Arabic) VICE CHAIRMAN OF THE LIBYAN BUSINESS COUNCIL SHABAN AL-MUNTASAR, SAYING: "We are building the new Libya, the Libya of the February 17 revolution. Libya, which is looking to build a sophisticated future and an investment zone at the level of North Africa. We hope that our brothers in the Arab countries share this project with us and extend their cooperation towards building in Libya." EXTERIOR OF THE RITZ HOTEL
  • Embargoed: 28th January 2013 12:00
  • Keywords:
  • Location: Saudi Arabia
  • Country: Saudi Arabia
  • Topics: Business,Economic News
  • Reuters ID: LVA978FLVFNH8AMSCSS0PMN2TQHS
  • Story Text: Saudi Finance Minister Ibrahim al-Assaf said on Saturday (January 12) that current regulations were hampering inter-Arab trade and investment.
    Speaking at the opening session of the Arab Private Sector Business Forum, al-Assaf called for a European Union-style easing of trade restrictions, in a bid to stimulate growth in the region.

    "This Arab summit is for all Arab countries and the goal is to remove obstacles to trading that face the Arab countries and the barriers to investment between Arab states, as well as removing obstacles that the free Arab trade zone is still facing in some Arab countries," he told journalists.
    A Greater Arab Free Trade Area (GAFTA) currently exists, comprising 17 member countries. Under the agreement, customs on local products are reduced by 10 percent.
    The business forum is a precursor to the Arab Economic Summit to be held in Riyadh on January 21.
    The issues floated at the forum will be thrashed out at the summit, including discussions on a new Arab stock market.

    "I think that (the new Arab stock market) is on the forum's agenda and it is related to the private sector. So I think if the private sector reaches an agreement on this then the Arab countries will acknowledge this move," said al-Assaf.
    Oil-rich Saudi Arabia is a big investor in several other Arab countries and has just sent aid worth 10 million U.S. dollars to Syrian refugees in Jordan.
    The vice-Chairman of the Libyan Business Council Shaban al-Muntasar appealed for help in rebuilding revolution-ravaged Libya.

    "We are building the new Libya, the Libya of the February 17 revolution. Libya, which is looking to build a sophisticated future and an investment zone at the level of North Africa. We hope that our brothers in the Arab countries share this project with us and extend their cooperation towards building in Libya," he said.
    The two-day forum at the Ritz Hotel in Riyadh was attended by over 500 delegates and was hosted by the Saudi Foreign Minister, Prince Saud al-Faisal.
  • Copyright Holder: REUTERS
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