IDA Chairman signed protocol with Arabic Industrial Development and Mining Organization

IDA chairman signed the foundation regulation of the Arab Federation for Developing Exports with Mr. Mohamed bin Yusuf, General Director of Arabic Industrial Development and Mining Organization (AIDMO), one of Arab League's organizations. This comes on the occasion of the Ministry of Trade and Industry joining the founding members of the Union.

Mr. Mohamed bin Yusuf, AIDMO General Director said that the temporary headquarters of the Arab Federation for Developing Exports will be in Morocco. Besides, the federation aims to promote Arab industry in terms of specifications and standards quality, increasing exports and its competitiveness and bargaining abilities, especially in the presence of regional blocs such as: EU, NAFTA, APEC, ASEAN and MERCOSUR.

Thus, it is necessary for the Arab countries to find effective mechanisms to promote its industrial exports. These mechanisms should be based on balance strategies take into account the national interests and national capabilities and to support the Arab exports within the Arab markets, which includes over 326 million consumers.

On the other hand, IDA Chairman said that this federation is a step on the road to the unified Arab market and it will increase GDP through increasing the industrial exports. Besides, it will promote establishing joint Arab commercial and industrial projects, which will develop the human resources capabilities.