LOC21:14
18:14 GMT
LONDON, June 23 (KUNA) -- Secretary General of the Union of Arab Chambers of Commerce Dr. Khaled Hanafy said on Monday that the 4th Arab-British economic summit discussed ways to reinforce commercial and economic ties between the Arab world, including Kuwait, and Britain.
In a press statement to Kuwait News Agency (KUNA) Dr. Hanafy affirmed the importance of reformulating the traditional methods regarding trade and commerce, proposing a shift to a more unified approach that utilizes the new and redevelopes the Arab world with all its new technology and qualified manpower.
The Union of Arab Chambers is "happy" at the scale of trade hitting 72 billion pounds sterling (USD 92.3 billion), Dr Hanafi said, as he encourages for growth.
He emphasized the significance of matching efforts especially in tough circumstances, including climate change, or geopolitical developments, which can particularly affect trade and commerce.
For his part, the UK's chief government negotiator Tom Wintle, in his participation in the summit, considered that the Free Trade Agreement between the United Kingdom and the Gulf Cooperation Council (GCC) countries carries "very significant" opportunities for both sides.
Wintle affirmed that the Free Trade Agreement negotiations between the UK and the Gulf Cooperation Council, which began three years ago, are progressing steadily and in the right direction, despite the process involving complex technical discussions that require extensive time for consultations, legal reviews, and procedural steps.
The summit was held in London and saw the attendance of numerous high-profile individuals, British and Arab businessmen, ambassadors, including Kuwait's ambassador to the UK Bader Al-Muneikh. (end)
nbs.mrn.dm