By Abdulrazzaq Al-Huzami
(with photos) RIYADH, Dec 30 (KUNA) -- Holding the Arab Economic Summit in Kuwait on January 19-20 comes at an opportune time given the global financial meltdown, said Saudi Minister of Commerce and Industry Abdullah bin Ahmad Zainel on Tuesday.
Speaking to KUNA, he lauded Kuwait's economic status, noting that it was the second wealthiest Middle Eastern country after Saudi Arabia, had considerable oil reserves, and was among the founders of OPEC.
As to the summit, the minister said his country would be focusing on means to boost inter-Arab cooperation within a specific timeline.
Zainel said Arab states had to improve and develop their economic institutions and adopt policies that activated trade exchange among them, as well as cooperate in the banking, insurance, transportation, information, customs, and communications sectors.
He said one main challenge facing inter-Arab trade was failure to honor agreements signed between the countries pertaining to this area, as well as government bureaucracy related to import and export activities.
Further challenges include inability to fulfill quality standards and prices of products, he said, noting that many Arab countries preferred to import better products for a cheaper price from East Asian countries.
He called for holding more exhibitions that promoted inter-Arab trade, as well as revising legislation to attract Arab capital.
The minister said the comprehensive economic reform program adopted by Saudi Arabia was vital in maximizing on benefits reaped from resources.
Zainel said his country played a vital role as the world's largest exporter of oil, noting its active contributions to international monetary and development organizations and G-20 membership.(end) ay.ema KUNA 301137 Dec 08NNNN