Calls to Accelerate Arab Countries’ Accession to WTO

The headquarters of the World Trade Organization (WTO) in Geneva, Switzerland. (Twitter)
The headquarters of the World Trade Organization (WTO) in Geneva, Switzerland. (Twitter)
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Calls to Accelerate Arab Countries’ Accession to WTO

The headquarters of the World Trade Organization (WTO) in Geneva, Switzerland. (Twitter)
The headquarters of the World Trade Organization (WTO) in Geneva, Switzerland. (Twitter)

A joint Arab ministerial statement underlined the need to accelerate the accession of Arab countries to the World Trade Organization (WTO).

Saudi Minister of Commerce Dr. Majid Bin Abdullah Al-Qasabi, who is also head of the Board of Directors of the General Authority for Foreign Trade, chaired on Sunday the preparatory meeting of Arab commerce ministers, ahead of the 12th ministerial meeting of the World Trade Organization, which will be held in Geneva on Nov.20 -Dec. 3.

Speaking on the occasion, Qasabi stressed the importance of highlighting the vital and active role that the Arab Group plays in international and economic organizations, especially within the WTO.

“A joint ministerial statement was issued containing consensual and common visions of the Arab countries on various issues within the framework of the World Trade Organization,” Qasabi said.

The ministerial statement underlined the need to facilitate and accelerate the accession of Arab countries to the organization, provide technical assistance and capacity building for developing and least developed countries.

It also stressed the need to grant the League of Arab States observer status in the WTO and support the State of Palestine’s request for an observer status, as well as include Arabic as an official working language.



Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova
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Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova

The global oil market is balanced thanks to the actions of OPEC+ countries and compliance with its quotas, Russian Deputy Prime Minister Alexander Novak said on Friday following a Russia-OPEC meeting.
OPEC+ countries, which are pumping around half the world's oil, are taking all necessary decisions to maintain market stability, Novak also said after meeting OPEC Secretary General Haitham Al Ghais in Moscow.
"Today, while discussing the situation and forecasts, we assess the current market as balanced. That's thanks primarily to the actions of OPEC+ countries and coordinated actions to comply with the quotas, voluntary commitments of OPEC+ count," Novak said.
The meeting comes as OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, prepares to meet on Dec.1.