Agreement between CAEU & OECD to support Arab Digital Economy

November 8, 2018

ArabFinance: The Council of Arab Economic Unity (CAEU) participated in the E-Leaders 2018 meeting organized by the Organisation for Economic Co-operation and Development (OECD) and hosted by the Ministry of Interior and Safety in South Korea.

The Council responded to OECD's call to participate in the Digital Transformation working group as part of its efforts to explore global experiences and perspectives on the digital economy, as well as to mobilize relevant international expertise in favor of the common Arab vision for the digital economy.

Presenting the common Arab vision for digital economy to OECD’s working group in South Korea

CAEU presented its ambitious common Arab vision for digital economy to the 32 members of the Organisation for Economic Co-operation and Development (OECD) participating in the working group.

Dr. Al-Khouri delivered a brief about the initiative stages and goals in exploring the digital Index of Arab countries, comparisons of the capabilities of advanced economies and identifying the main obstacles and economic opportunities for the member states of the League of Arab States.

Dr. Al-Khouri highlighted the aspects of support for Arab governments’ digital transformation, promoting financial inclusion and knowledge-based legislative and technological infrastructure while stressing the fact that the legislation and investment climate will attract capital to build sustainable and prosperous digital economies in the Arab World. He also expressed gratitude to the UAE for its unlimited support in harnessing the enormous potential in the Arab World, and the eagerness to revive and revitalize economic unity among the Arab States through the digital economy.

Participants commended the efforts & plans for joint Arab action in digital economy to enhance the economies of the region and highlighted the importance of directing international investment funds towards building sustainable and prosperous technological infrastructure in the Arab World.

80 members from 55 nationalities in the strategy review meeting

The Council welcomed the new members from the participants in the two-days working group, bringing the number of members of the review committee to 80 members from 55 nationalities with diverse and vast global expertise in the areas of the digital economy.

Dr. Al-Khouri noted the importance of bringing together experts and Arab and international think-tanks in the sub-committee formed by CAEU to review the strategy in order to meet the objectives of the Arab countries and improve the economic and social well-being of Arab societies.

Prospects of cooperation with OECD to support the Arab Digital Economy

Dr. Al-Khouri met with Ms. Marie Kiviniemi, Deputy Secretary-General of the Organisation of Economic Co-operation and Development (OECD) during the works of the E-Leaders.

Prospects of cooperation to support the efforts of the Arab vision for digital economy and building knowledge-based technological infrastructure for sustainable development in the Arab countries were discussed. The two parties agreed that the Arab world has enormous opportunities to enhance its economies through digital economy.

The Council of Arab Economic Unity presented the Council's shield of appreciation to Ms. Kiviniemi for her contribution to International Development, promoting inclusive growth and supporting global digital economy.

Ms. Kiviniemi is also responsible for the strategic oversight of the OECD’s work on Efficient and Effective Governance; Territorial Development; Trade and Agriculture, Statistics; for advancing the Better Life Initiative; as well as Entrepreneurship, SMEs’, Local development and Tourism.

OECD works with governments to understand what drives economic, social and environmental change with a mission to promote policies that will improve the economic and social well-being of people around the world.

Since its establishment in 1961 in Paris, OECD has been engaged in helping governments improve their border procedures, reduce trade costs, boost trade flows, and reap greater benefits from international trade, the OECD developed a set of Trade Facilitation Indicators (TFIs) that identify areas for action and enable the potential impact of reforms to be assessed covering the full spectrum of border procedures for over 160 countries.

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