'Intra-region trade can boost Arab economies'.

DOHA With the financial crisis hitting the world hard, it has become extremely important for businesses to revisit their plans for the next decade. Businesses in the Gulf have to look out to the post-crisis world and whether the current turmoil will undermine the region's growth as the economic outlook remains uncertain. These were the issues on the agenda at the Doha Business Roundtable organised by The Economist here on Tuesday. Speaking at the forum, Qatar's former Minister of Economy and Commerce, Sheikh Mohamed Ahmed al Thani said that Arab states must show greater commitment to opening borders to boost inter-state trade. "It is easier said than done. Despite agreements having been reached earlier, a lot has to be done to give direction to cross border trade," he said. Though the Gulf region has been comparatively less affected by the global meltdown, they need to take prudent economic measures to boost intra-region free trade. Such trade would boost economic development of the region further and help in protecting against future financial crises. On single GCC currency, he said, "This is inevitable. There is no choice and the GCC states will have to coordinate policies to face the challenges." It will help the GCC grow as a block. Asked if the World Trade Organisation (WTO) had help boost economies of Arab states, Sheikh Mohamed said the WTO has had some positive moments in enabling Middle East governments to open up to trade. He cited the example of Libya pointing out that the country had started talking of WTO and has eased trade barriers. On the impact of globalisation on Qatar, he said he thought the impact had been positive but added there are many who think otherwise. "Globalisation has helped Qatar modernise and achieve rapid economic growth in the last decade. Sheikh Mohamed is credited with initiating and executing a programmes to reform the Qatari stock exchange, revamping Qatari commercial laws and computerisation of the Ministry thus cutting the time required to obtain commercial registration from one month to one hour. Earlier, the World Trade Organisation former Director General, Mike Moore said that globalisation was a process and not a policy and that it had created great wealth in the last six decades. On protectionism in wake of the financial crisis, Moore said, it cannot survive for long. "Evolution is in the air and protectionism will eventually give way," he said.

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