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UAE says GCC working for integration into global economy

posted on 30/06/2001: 592 views

The UAE said the Gulf Co-operation Council (GCC) states were doing their best to integrate into the global economy through implementation of trade and economic liberalisation policies, affirming that emerging economies can not escape the fate of globalisation. Sheikh Fahim bin Sultan Al Qasimi, Minister of Economy and Commerce, said global economic integration was posing daunting challenges to development in the third millennium as it affects the socio-economic structure. '

Dramatic expansion of global markets through huge inflow of capitals and trade have created unprecedented opportunities for making fortunes, but, at the same time, raised new concerns and injustice,' Sheikh Fahim told the world economic forum being held here under the title ' globalisation and economic integration. ' A transparent political leadership is needed to deal with both opportunities and dangers of economic globalisation,' he said. ' We need more developed policies and institutions that are capable of driving globalisation toward serving interests of the whole humanity, Sheikh Fahim said, calling for a steady flow of capitals into economies of the least developed countries with continued support for achieving sustainable development.

He added that global trade and financial transactions, direct foreign investment, and information technology and communication revolution are not only the main pillars of globalisation but also the basic components of global economic integration. ' Although studies predict that value of global e-commerce may touch 7 trillion by 2004, but only 5 per cent of the world population can benefit from that due to the digital divide between the centre and the terminals', he added.

Sheikh Fahim stressed the need for restructuring economic policies to take into consideration social concerns and concepts of social policies. ' We in the Gulf are sure that globalisation will be instrumental for development and progress and that is why we are doubling our efforts to merge into the global economy by applying necessary economic liberalisation policies,' he said. ' We see that regional economic integration in the Gulf as the first building block in the structure of the global economic integration as trade mechanisms such as free trade zones and customs union, are in the pipeline' he added. (The Emirates News Agency, WAM)


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