The 42 Member States of the Union for the Mediterranean (UfM) met by videoconference for the 11th Ministerial Conference to launch three new trade and investment reforms. They also called for strengthening trade links in the Euro-Mediterranean area, which is crucial for the regional economic recovery.
The UfM Ministerial Conference on Trade stressed the importance of ensuring that the Mediterranean partners can take full advantage of market opening. New trade and investment initiatives supported by the EU and implemented by partner organisations – the International Trade Centre, the International Labour Organization and the Organisation for Economic Co-operation and Development – will contribute to this goal. Totalling €11 million, these initiatives will strengthen the impact of trade and investment on job creation in the southern Mediterranean and encourage inclusive economic development.
UfM Secretary General Nasser Kamel said: The current pandemic has led to deep global disruption in value chains, a contraction in trade and investment flows. Any “new normal” in which the strengthening of trade and regional economic integration would not prevail, it would not meet the legitimate aspirations of the people on both sides of the Mediterranean. Today’s meeting demonstrates the common will of 42 countries to work together in these areas and illustrates the action-oriented UfM methodology that transforms our political mandates into concrete initiatives through a multi-stakeholder regional dialogue.”