Barcelona: Egypt participated in the 7th Trade and Investment Forum of the Union for the Mediterranean (UfM), with Minister Plenipotentiary for Commercial Affairs Dr. Abdel Aziz El-Sherif representing the nation. The forum, held at the UfM headquarters in Barcelona, Spain, brought together ministers, senior officials, and representatives from international organizations and major companies across the Mediterranean region.
According to State Information Service Egypt, El-Sherif contributed to the forum's first session, which focused on 'Global Trade Disruption and its Repercussions in the UfM Region.' The session explored significant challenges facing the global trade system and their impact on Mediterranean countries. El-Sherif highlighted the disruptions caused by geopolitical tensions, protectionism, and shifting supply chains, noting their effects on market stability and the increased risks for small and medium-sized enterprises (SMEs).
El-Sherif emphasized that Mediterranean countries are heavily impacted due to their integration with global markets. He suggested that diversifying trade partners, enhancing regional integration, and implementing trade agreements are vital for building resilience. El-Sherif outlined Egypt's strategy to tackle these challenges, focusing on digitizing trade procedures, simplifying customs processes, and promoting regional value-added production in sectors like clean energy and digital services.
Moreover, El-Sherif advocated for supporting SMEs by improving their access to finance, information, and markets. He called for eliminating trade barriers and strengthening institutional coordination to adapt to global economic changes. El-Sherif underlined that the Mediterranean region has untapped potential in trade integration and urged the creation of new value chains to bolster resilience against external shocks.
Concluding his remarks, El-Sherif stated that the Mediterranean region is at a crossroads, where it can either face fragmentation or work towards a stable and integrated economic system. He asserted that political will, strategic vision, and cooperation are essential for converting challenges into opportunities for collective growth.
Since its inception in 2019, the UfM forum has been a crucial platform for discussing trade and investment trends in the Euro-Mediterranean region, aiming to enhance economic connectivity and support sustainable development amid global changes.