Evian Annual Meeting Tackles World Trade System

Abu-Ghazaleh: The world is going through a transitional era

GENEVA --- November 4, 2007--- Mr. Talal Abu-Ghazaleh, Deputy-Chair of Evian Group, emphasized, during the annual meeting of the Group held in Geneva, that the world is going through a transitional era where a new trade system will replace the one that exists now.

"The era of cheap oil will no longer exist and prices will reach more than US$ 100; however, in case a new war breaks in the region, the prices will increase dramatically to be between US$ 200 and US$ 1000 per barrel," Abu-Ghazaleh said.

He added that the Arab region will witness economic revolution where a coalition will be formed among the region, China and India; in addition, a new free trade market known as (CHINAR) will see the light.

"Such a coalition will parallel the power of the two biggest markets in the world, the United States and Europe markets," Abu-Ghazaleh stated.

According to Abu-Ghazaleh, the governments investment surpluses, mostly from the Arab region, will rise from four trillion dollars at present to more than twenty trillion within the next 15 years. That is in addition to the private sector surpluses, which will not be less than the said amount.

The annual meeting, chaired by Mr. Abu-Ghazaleh, was attended by representatives from international organizations, ambassadors, academics and intellectuals concerned with the World Trade System as well as representatives from the World Trade Organization (WTO).

The Evian Group, founded in 1995, is an international coalition of corporate, government and opinion leaders, committed to fostering an open, inclusive, equitable and sustainable global market economy in a rules-based multilateral framework.