GAFTA- Photo courtesy of the union's Facebook page
CAIRO - 14 May 2020: The department of Arab economic integration in the Arab League held a workshop via video conference on the "repercussions of coronavirus on the Greater Arab Free Trade Area (GAFTA) and the inter-Arab trade".
The workshop is held in cooperation with the Arab Monetary Fund, UN Development Program (UNDP), UN Conference on Trade and Development (UNCTAD), and UN Economic and Social Commission for Western Asia (ESCWA).
In statements on Thursday, Head of the department Bahgat Abul Nasr said that the workshop gave an opportunity to Arab officials concerned with trade to stand on the latest data and expectations on the impact of coronavirus on the Arab and international economies.
Participants in the workshop had profound discussions on the impact of coronavirus on global and Arab trade in different types of commodities and services, he said.
Initial ESCWA estimates indicate that the Arab region could lose 42 billion dollars of gross domestic product and 1.7 million workers could lose their jobs due to the pandemic.
An AL report shed light on several measures taken by Arab nations to cushion the impact of the crisis on their economies