During an interactive meeting at the League of Arab States Abu-Ghazaleh Calls for Cyber Arab Economic Unity
AMMAN – The Economic Sector at the League of Arab States (LAS) hosted HE Dr. Talal Abu-Ghazaleh, founder and chairman of Talal Abu-Ghazaleh Global (TAG.Global), in an interactive meeting on challenges facing the Arab economies after COVID-19 pandemic with the participation of a host of political, economic and academic specialists at the League.
During the meeting, Dr. Abu-Ghazaleh discussed several issues including the end of globalization and the importance of being self-sufficient, and he reviewed a recovery plan for the Arab region and the world.
He also affirmed that every country could achieve self-sufficiency in food, medicine and education, which would enhance the gross domestic product as a result of developing the agricultural and industrial sectors.
Dr. Abu Ghazaleh called for the creation of a cyber Arab economic unity that will be easier to achieve than real unity.
“Information Technology can be used to control and organize Arab cooperation; which would become the basis of global GDP, and we should establish an independent department or a taskforce to submit proposals and studies that indicate the feasibility of establishing such an economic unit,’ Dr. Abu-Ghazaleh said.
Dr. Abu-Ghazaleh further affirmed that the world has become without a global leadership, without a world order, but it is heading towards a new order. “We are experiencing an economic crisis which occurred before the Corona pandemic; although the pandemic has deepened the crisis, it opened the world’s eyes to different issues including Digital Learning,” he said.
Dr. Abu-Ghazaleh briefed the participants on an integrated plan for economic recovery of the Arab region and the whole world, emphasizing the need for preserving the present as well as the future. In addition, he asserted that raising taxes harms the economy, contrary to what countries, capital institutions and companies believe; as taxation hamper economic recovery, whereas; development measures that increase revenues and enlarge the tax base should be followed instead.
“We don’t have the privilege of printing dollars similar to the United States; nor we can print our own national currencies except for amounts equivalent to our reserves, therefore, we should think about methods to stabilize the price and value of the national currency by imposing its use in all dealings and transactions,” Dr. Abu-Ghazaleh added.
Regarding political affairs, Dr. Abu-Ghazaleh noted that a conflict between the US and China is likely to occur; during which the US would claim that China did not abide by the World Intellectual Property Agreement, and would accuse China of intellectual property theft estimated by trillions of dollars. He also expressed his belief that most of the problems in the world are imposed on us such as the Israeli occupation of Palestine that started with Britain’s Balfour Declaration 1917, calling the UK to correct this historic crime.