Egypt Is Interested In Multilateral Trading SystemSource: www.export-egypt.com 1/26/2019, Location: Africa |
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Trade and Industry Minister Amr Nassar said that Egypt is interested in a multilateral trading system and applying a just global trade system out of the global trade's key role in improving living standards and boosting the sustainable economic growth of the World Trade Organization (WTO) member states.
Nassar was delivering a speech at a meeting of the ministerial consultative group, held in Davos on the sidelines of the World Economic Forum (WEF). The meeting was attended by Director-General of the WTO Roberto Azevêdo and 30 trade ministers of the WTO member states. The year of 2018 witnessed unprecedented challenges to the global trade in particular and the global trade system in general, Nassar noted. The current global trade dangers came amid genuine efforts meant to attain global economic growth, especially in developing countries. In spite of the intensified efforts during the 11th WTO Ministerial Conference, held in Buenos Aires, no consensus had been reached about the main topics, he stated. Regarding efforts to reform WTO, Nassar said that the organization's future depends on adopting an effective and balanced approach to deal with the global economic variables. He further stressed the importance of launching a sustainable ministerial dialogue to achieve WTO goals. Egypt supports adopting a unified stance on WTO reform, he noted. He further affirmed the necessity of achieving more progress regarding negotiations on issues floated at the Doha Development Round. He added that making progress in this regard would effectively contribute to WTO reform. The minister stressed the importance of developing countries' participation in the global trade by determining their needs and challenges on WTO agenda. He said that the seventh meeting of African Union Ministers of Trade, which was held in December in Cairo, called for setting up a comprehensive and just multilateral trading system. Moreover, Nassar held talks with Azevêdo on economic reforms carried out by the Egyptian government over the past years. They also had talks on the Trade Ministry's industrial development strategy and efforts exerted to support e-trade and e-marketing. |
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