(MENAFN- Arab Times) Kuwait's Deputy Premier and Minister of Commerce and Industry Dr Abdulmohsen Al-Madaj on Wednesday urged reformed regulations of the World Trade Organization (WTO) in a way that could accommodate the fair demands of the developing economies, particularly the Arab ones.
"WTO plays an indispensable role in protecting the interests of the developing countries but these is still need to amend the rules of the Organization," he said.
Al-Madaj was speaking to KUNA after the opening session of the Arab ministerial meeting on the outcomes of WTO's Ninth Ministerial Conference, held in Bali, Indonesia, from 3 to 7 December 2013.
"The Arab ministerial meeting is convened regularly with a view to creating points of convergence the WTO rules and the national trade regulations of the Arab countries; It gathers representatives of the Arab Administrative Development Organization (ARADO) and the WTO," he said.
"Aware of the basic role of the WTO, Kuwait is keen on taking part in such meetings in order to raise the demands of the Arab countries.
"Foremost among these demands are the facilitation of the accession talks with the Arab countries, notably Palestine; the adoption of Arabic as an official language of the Organization; and shoring up the stumbling economies such as Egypt and India," the minister pointed out.
The Arab countries, thanks to their central geographical location, play a pivotal role in the international trade. There can be no trade between the East and the West without crossing the Arab countries; this is a historical fact, he explained.
Commenting on the plummeting oil prices, Al-Madaj said these prices are closely related to the world economic growth.
"If the economic activity, particularly in the most-industrialized countries, slows down, it's normal for the oil prices to go down, and vice versa," he said, noting that these countries are the biggest consumers of energy.
Al-Madaj added that the economic growth of Europe, China, India and other countries slowed down in the recent months, thus putting pressures on the oil prices.
The two-day Arab ministerial meeting is hosted by Qatari Ministry of Economy and Trade in collaboration with the ARADO.
During its six session, the meeting will debate the progress made by the Arab countries in implementing the recommendations of the Doha Round on the WTO membership.
The Doha Round aims to achieve major reform of the international trading system through the introduction of lower trade barriers and revised trade rules.
The work programme covers about 20 areas of trade; it is also known semi-officially as the Doha Development Agenda as a fundamental objective is to improve the trading prospects of developing countries.
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