Arab economy ministers meet in Cairo

The 87th session of the Arab Economic and Financial Council convened here Thursday at the ambassadorial level, with Kuwait participating with a delegation led by its Minister of Finance Mustafa Al-Shemali. In a keynote speech, Secretary General of the Arab League Amr Moussa said the meeting comes in a period that is marked by revolutions and calls for development, change and reform. Arab societies are seeking in earnest to keep abreast of the advancement and development of the 21th century, especially in the domain of democracy and reform, Moussa said. Concerning resolutions previously made at the Arab Economic and Social Development Summit in Kuwait in 2009, he hailed the Arab countries for carrying out such resolutions. But, he urged them to review documents bearing on a planned Arab customs union that is scheduled to be completed by 2015. The chief of the Arab League hailed an initiative made by His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to create an Arab fund aiming to support small and medium-sized projects. The initiative was adopted during the Arab Economic and Social Development Summit, which was held in Kuwait in January 2009. For his part, Secretary General of the Omani Ministry of Finance Darwish Al-Baloushi, the head of the previous session, said the current changes and events in the Arab world would lead to political, economic and social results. Such changes and events require more concerted efforts to address unemployment, social injustice and poverty, he said. Food security is still the core issue that necessitates more efforts in light of food commodity competition at the world level, he pointed out. During the one-day meeting, the Arab ministers of finance are expected to mull an array of economic and social issues and a report by the Arab League on the implementation of resolutions made during the previous session. They will also consider the latest developments of a planned Arab free trade zone, Arab customs as well as a follow-up mechanism for the declaration of the Global Food Safety Summit. An integrated program for supporting employment and reducing joblessness in Arab countries is to figure out on the agenda of the financial gathering.