International Consultant for Economics Ahmed El Leissy underlined that the Arab African trade ties attain a huge opportunity for almost all the countries in the region
International Consultant for Economics Ahmed El Leissy underlined that the Arab African trade ties attain a huge opportunity for almost all the countries in the region, regretting that it has not evolved to the level that it should have been. Although the Arab Free Market agreement was signed and started before the European market, unfortunately it has not been put into action, he mentioned.
Commenting on the 2nd Arab-Africa Trade Forum held under the patronage of Prime Minister Mostafa Madbouly, Leissy said in a phone call with (Africa Today) that it is a “brilliant initiative“ to boost ties between Africa and the Arab nations, stressing that the most important point is that all the participant countries should have the political will to carry it out.
Historically, Egypt has played a very important role especially in the 60s in developing trade relations with many African countries as well as bilateral trading within the African continent but for the last 30 years this role has taken a back seat, he said, pinpointing that there is a huge opportunity for everyone as it is a win-win situation; everybody wins if we cooperate properly.
El Leissy noted that Covid-19 is affecting international trade in general everywhere in the world, shedding light on the problems of global transportation and the failure of the supply chain across so many different continents which is causing a huge wave of inflation globally. The coronavirus has affected the trade across the world in the same magnitude, he mentioned.
The international consultant for economics said that any successful trade whether it is international or local, needs two axes to operate. The first axis is marketing as you have to provide something the other side needs to buy, and the second one which is the most important is finance as without the right finance there is no trading, he asserted.
He affirmed the importance of enhancing the private sector’s role in pushing forward intra-regional trade between Arab and African countries, believing that the government role is not anymore as it used to be 40 years ago. Its role is limited to providing goods or services just to balance the market factors. The private sector has a lot of flexibility with faster decision making forces, he mentioned, pointing that the private sector will allow us to succeed at a much faster pace rather than the routine operation of the governments.
It’s pertinent to mention that the Arab Bank for Economic Development in Africa (BADEA) and the Arab-African Trade Bridges Program (AATB) organized the 2nd Arab-Africa Trade Forum.
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