Ministers Highlight Importance of Regional Trade in Economic Recovery
The 42 member countries of the Union for the Mediterranean (UfM) have convened by videoconference for the 11th Trade Ministerial Conference to launch three new trade and investment initiatives. They also called for the strengthening of trade ties in the Euro-Mediterranean area as a crucial element for the regional economic recovery.
The UfM Trade Ministerial Conference stressed the importance of ensuring that Mediterranean partners can take full advantage of opening markets. The newly launched trade and investment initiatives supported by the EU and implemented by partner organisations – the International Trade Centre, the International Labour Organization and the Organisation for Economic Cooperation and Development – will contribute to that aim. Worth a total of €11 million, they will strengthen the impact of trade and investment on job creation in the Southern Mediterranean and encourage inclusive economic development.
UfM Secretary-General Nasser Kamel said: “The current pandemic has led to far-reaching global disruptions of value-chains, contraction of trade and investment flows. Any ‘new normal’ in which enhanced trade and economic integration do not assume protagonism would not stand up to the legitimate aspirations of people on both shores of the Mediterranean. Today’s meeting demonstrates the common will of 42 countries to work together in these areas and illustrates the UfM’s action-driven methodology which turns our political mandates into concrete initiatives through a multi-partner regional dialogue.”