Arab League Holds Workshop on Liberalisation of Financial Services Sector
Mohamed Mandour
As part of its commitment to keeping pace with international trade developments that contribute to advancing Arab economic integration within the framework of the Greater Arab Free Trade Area (GAFTA), the General Secretariat of the League of Arab States is organising a workshop on "Liberalisation of the Financial Services Sector and Opportunities to Benefit from the Agreement on the Liberalisation of Trade in Services among Arab Countries," from 22 to 25 June in the Kingdom of Bahrain.
The workshop is being held in cooperation and coordination with the Ministry of Industry and Commerce of the Kingdom of Bahrain and forms part of ongoing collaboration with the International Islamic Trade Finance Corporation (ITFC) under the second phase of the Aid for Trade Initiative for Arab States (AFTIAS 2.0), specifically the project entitled "Supporting the Advancement of the Arab Economic Integration System."
His Excellency Ambassador Dr. Ali bin Ibrahim Al-Maliki, Assistant Secretary-General and head of the Economic Affairs Sector, stated that the workshop aligns with the General Secretariat's vision of enhancing Arab coordination and cooperation across all service sectors that support an improved business climate and foster a more integrated and competitive regional economic environment. He said that liberalising this strategic sector would unlock new opportunities for joint Arab investment and significantly contribute to the development goals of member states.
The Agreement on the Liberalisation of Trade in Services, which entered into force on 14 October 2019, marks a pivotal step in this direction. Ambassador Al-Maliki underscored the need for concerted efforts to activate and effectively implement the agreement's provisions in a sustainable and impactful manner.
The workshop aims to provide policymakers from Arab countries with insights into the development of the financial and insurance sectors across the region, as well as highlight best national legislative practices in these fields. It also showcases the contributions of international and regional organisations to the modernisation of these sectors and examine how Arab trade agreements can be leveraged to enhance the business environment, thereby improving performance indicators and aligning with global trends.
Officials and experts from Arab countries that are members of the Greater Arab Free Trade Area will participate in the workshop to exchange knowledge and experiences, explore best practices, and strengthen collaboration in the financial services sector, with the objective of maximising the benefits of regional integration efforts.
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