January 24, 2022-  Arab-Brazilian Chamber of Commerce (ABCC) spotlighted the growing importance of the digital economy in global trade and as an impetus of economic growth during the Annual Coordination Meeting of the Joint Arab Foreign Chambers of Commerce. The meeting held recently at the office of the Secretary-General of the Arab League underscored the significance of digitalization in facilitating customs administrations in the Arab region to advance international trade.

The meeting co-chaired by Ahmed Aboul Gheit, Secretary-General of the Arab League; Abdullah Muhammad Al Mazrouei, Chairman of the Union of Arab Chambers; and Dr Khaled Hanafi, Secretary-General of the Union of Arab Chambers, highlighted the achievements of the trading entities and emphasized their role to meet the growing requirements in the Arab Region in the era of digital disruption.

Tamer Mansour, CEO and Secretary-General of the ABCC, participated in the meeting along with other top-level officials of the various chambers of commerce in the region.

Mansour said:  'The Annual Coordination Meeting of the Joint Arab Foreign Chambers of Commerce was perceptive in identifying and appreciating the initiatives of the Chambers of Commerce in 2020 and 2021 and keen on developing a strategic plan for the new year. One of the major highlights of this year was the spotlight on the digital economy, which gained momentum during the pandemic period. Furthermore, the annual meeting also decided to hold joint sessions and participate in the World Entrepreneurs Investment Forum (WEIF) and the second edition of the Arab Rally for Entrepreneurship and Innovation, held from March 28- 30 in the Expo 2020 Dubai.'

During the meeting, the officials discussed the prospects of developing initiatives that will accelerate the integration of the Arab and global economy, as well the as implementation of advanced state of the art technology for sustainable development. These efforts also aim to strengthen innovation and support entrepreneurship in the region.

The meeting further underscored the strong position of the joint Arab foreign chambers as an influential block in the political and economic arena in their respective countries. Joint Arab Foreign Chambers play a vital role in pursuing economic diplomacy, which is essential for the development and economic growth of the involved nations.

Mansour noted that ABCC has the legacy of building and enhancing partnerships that enable Brazilian organizations to expand their businesses to global markets, especially in the Arab region, while creating more business opportunities. “Since our establishment in 1952, we are enthusiastic about implementing initiatives to enhance the economic relations to enhance trade and investment, as an entity that plays a vital role in the economic, social, and cultural development and expansion of Arab- Brazilian trade,” he added.

The digitalization, adoption of AI-based services, blockchain technology and joint databases are transforming global trade. As chambers of commerce, also known as 'experimental houses', are the major communication channels between the Arab region and the global markets, the creation and maintenance of strong economic alliances are crucial for global economic development.

Further, it also spotlighted the importance of turning crisis into an opportunity, considering the current challenges posed by the pandemic. The members of the Joint Arab Foreign Chambers of Commerce have been actively providing their services, implementing new initiatives, and conducting business forums only during those days.

The participants of the annual coordination meeting also lauded the efforts of the various chambers of commerce, including the activities and services to hold new events, coordination and cooperation with joint chambers to implement new projects, especially on digital platforms.