Publication: From Political to Economic Awakening in the Arab World : The Path of Economic Integration - Deauville Partnership Report on Trade and Foreign Direct Investment, Volume 1. Overview Report
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Date
2012-05
ISSN
Published
2012-05
Author(s)
World Bank
Abstract
The forces unleashed by the Arab
political awakening have the power to be transformational.
One critical parameter of success will be whether the Arab
political awakening is accompanied by a concurrent economic
awakening. Economic integration through increased trade and
foreign direct investment (FDI) is one key means available
in the short to medium term to policy makers to put the
Partnership countries on a higher path of sustainable
economic growth and in a position to decisively tackle the
problem of unemployment, especially youth unemployment. To
be sure, skepticism abounds in the region over the merits of
trade and FDI and the integrity of the private sector in
light of "crony capitalism," where the benefits of
past policies are perceived to have accrued only to a
well-connected few. Leadership is needed in both Partnership
countries and Deauville partners to provide a credible
long-term vision and explain the mutual benefits of economic
integration. One such powerful vision could be the pursuit
of a partnership aimed at gradually promoting four key
freedoms in the Mediterranean and beyond: the free movement
of goods, services, capital, and eventually persons. The
implementation of far-reaching domestic reforms in
Partnership countries will be critical to effectively reap
the growth and employment opportunities offered by greater
economic integration and regulatory convergence with the
most advanced economies. To further enhance trade and FDI
and to achieve the vision of an Arab world more integrated
into global markets, the trade and commerce pillar of the
Deauville Partnership could therefore focus on four
overarching priority areas of reforms and support: (a)
improve market access opportunities and market regulations;
(b) foster competitiveness, diversification, and employment;
(c) facilitate trade and mobilize trade finance and diaspora
resources; and (d) promote the inclusiveness, equity, and
sustainability of the structural transformation brought
about by the process of integration.
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Citation
“World Bank. 2012. From Political to Economic Awakening in the Arab World : The Path of Economic Integration - Deauville Partnership Report on Trade and Foreign Direct Investment, Volume 1. Overview Report. © Washington, DC. http://hdl.handle.net/10986/11886 License: CC BY 3.0 IGO.”