DUBAI, Nov 18 (KUNA) -- The Arab Economic and Social Summit due to be held in Kuwait in January 2009 is an important event in light of the world's current economical downturn, said economist and former member of the United Arab Emirate's (UAE) National Council Habib Al-Mulla on Tuesday.
The summit, he told KUNA, was left a little late and Arab countries should have discussed precautionary procedures at the earliest signs of the international trauma.
Kuwait's initiative to hold the summit was met with gratitude by Al-Mulla, who underlined that the summit should result in positive and effective decisions to limit the impact of repercussions from the financial crisis on the region's economies.
Obstacles facing Arab-Arab trade were attributed by Al-Mulla to the absence of ruling legislation, competitivity and the lack of consumer confidence.
"A lot needs to be done to initiate this trade (between Arab countries) and for its success. I think the road is very long to reach a minimum accepted amount of trade between countries in the region," he said.
Similarly, the UAE's experience was pointed out by Al-Mulla who said that the country has put increased emphasis on legislation that encourages foreign investment following what he deemed as an "open-door" policy.
However, he did mention that the UAE needed further efforts to face any sort of future obstacles that stand in the way of incoming investments. (end) jd.sd KUNA 182001 Nov 08NNNN