RIYADH – The 3rd Arab Economic, Social and Development Summit which opens here Monday will discuss a host of issues including the increase of investment and cross-border trade, measures taken to activate a customs union in 2015, the exploitation of available renewable energy sources, the idea of linking Arab countries by railroad. Leaders from Arab countries have already arrived in the capital for the two-day summit taking place at an exceptional time when the region is witnessing the fallout of the Arab Spring. The summit must break with tradition and tackle people's aspirations, Foreign Affairs Minister Prince Saud Al-Faisal said Saturday at a preparatory meeting of Arab finance and economy ministers. “Our meeting should not be mired in routine,” he said. “The Arab world has faced these past two years upheavals of a political dimension... but we cannot ignore their economic dimension,” the foreign minister added. Finance Minister Ibrahim Al-Assaf said that the summit's four-pronged agenda tackles economic and social aspects. On economic issues, the summit will discuss the mechanism to tap renewable energy as a source of energy and put emphasis on unified agreement to invest Arab capitals in Arab countries. On social issues, the summit will discuss the New Millennium Development Goals and will follow up on the progress made in fighting noncommunicable diseases like cancer and diabetes. The finance minister said that the involvement of the private sector in Arab investments and the recommendations issued by the Arab Private Sector Forum held in Riyadh last week will also be on the agenda of the summit. A report prepared by the Gulf Cooperation Council General Secretariat highlighted the poor level of trade exchange among Arab nations which is still below 10 percent. Despite signing agreements to establish free trade zones and bolster economic and trade relations, a growth in trade exchange is far below the required level. The report identified several factors such as bureaucratic bottlenecks, trade barriers, customs and tax regulations, and lack of transparency in transactions as major hurdles that stand in the way of achieving a much required growth in trade exchange. Meanwhile, the capital has been decked up to welcome the dignitaries taking part in the summit. Flags of Arab countries are lining the main routes leading to the venue of the summit. The Riyadh Traffic Control Department has put in place an elaborate traffic plan, and has sent out text messages to motorists in this regard. Riyadh is playing host to the third Arab Economic, Social and Development Summit. The first summit of this kind was held in 2009 in Kuwait, and the second in 2011 in Egypt's Sharm El-Sheikh.
