Egypt asks Arab economies to join hands against globaL crunch

November 10th, 2008 - 3:52 pm ICT by IANS  

Abu Dhabi, Nov 10 (IANS) Arab countries should join hands to stave off the impact of the global financial crunch on their economies, Egypt’s Minister of Trade and Industry Rachid Mohamed Rachid has said.”The international credit crisis will have negative impact on the world trade due to the recession which has hit the US and Europe. other economies will also feel the pinch in varying degrees,” WAM quoted the Egyptian minister as telling reporters here Sunday.

Rachid arrived here Sunday on a two-day visit of the United Arab Emirates (UAE) as part of a regional tour.

“Arab countries should make their voice heard at the upcoming Washington summit of world leaders which will look into the possibility of forging a new world order,” he added.

He said: “Egypt always welcomes UAE investment and ensures safety of foreign capital in different sectors such as industry, services, agricultural development, infrastructure and human resources.”

Rachid will hold talks with the UAE leadership on ways to expand bilateral trade and investment.

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