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16:15 GMT
CAIRO, Dec 3 (KUNA) -- The Arab Economic, Social and Development Summit, to be held in Kuwait in January, 2009, provides a "historic opportunity" for forming an Arab economic bloc, Egypt's Minister of Foreign Trade and Industry Rachid Mohammad Rachid said on Wednesday.
"Such a bloc can face the current challenges posed by regional economic blocs," he told reporters here.
"The coming summit, the first of its kind, is pivotal to activate the Arab economic integration amidst the current global financial turbulence.
"It will help the Arabs have a say in the possible formation of a new world economic financial order," he expects. Rachid pointed out that he was working with Foreign Minister Ahmed Abul-Gheit to develop Egypt's integrated vision for the summit and the overall Arab economic integration.
He voiced hope that the summit would lead to a single Arab position for facing up to the ramifications of the global financial crisis on the Arab economies.
"The current circumstances require active Arab joint action through an objective well-calculated mechanisms that can help us avoid recurrence of past failures," the Egyptian minister stressed.
"The Arab leaders are more unanimous on the importance of economic integration than ever," he noted.
Most of the Arab economies give free rein to the private sector in the economic development and follow economic liberalization policies, he said, noting that all this provides the grounds conducive to economic integration.
"The agenda of the coming summit must focus on outlining the mechanisms for Arab economic joint action and integration in the light of the recent global economic developments," Rachid underscored.
He noted that the recent developments led to both challenges and opportunities for the Arabs' pursuit of economic integration. There are ample opportunities for launching joint ventures in the areas of industry and agriculture to meet the challenges of food shortage in the Arab region and worldwide.
The Arab countries enjoy huge potentials in the areas of oil and natural gas that should be tapped to fulfill the targets of socio-economic development, Rachid went on to say. He voiced hope that the ministerial meeting of the Arab Social Economic Council of the Arab League, slated for Thursday, would be able to conduct a comprehensive review of the preparations for the Kuwait summit. (end) hw.gb KUNA 031915 Dec 08NNNN