Senate President, Faisal Fayez, said cooperation among developing countries constitutes a “key” lever for establishing a new economic system linking the North-South countries, based on justice, equality and parity.

Fayez made the remarks during his participation in the parliamentary dialogue, which began Tuesday, in the Chinese capital, Beijing, organized by the China’s National People’s Congress’s (NPC), on the occasion of its celebration of the 40th anniversary of its accession to the Inter-Parliamentary Union (IPU).

According to a Senate statement, the event saw the participation of the heads of parliaments of developing countries and their representatives, and IPU President, aimed to discuss ways to achieve developing countries’ sustainable development and enhance joint partnership and cooperation.

Fayez noted the current economic system is based primarily on “dominance” and has contributed to widening the two poles’ gaps, despite the fact that human capabilities and natural resources, primarily oil, g
as, precious metals and water, are highly available in developing countries and nations of the South.

During the opening session, he added that a program for economic cooperation among developing countries is required now, as an “important” step to achieve their sustainable development, effectively manage their natural resources and defend their interests.

Fayez also noted action is required to develop the necessary measures and plans to ensure success of the desired development strategy in developing countries by enhancing economic cooperation and establishing joint investment projects.

Source: Jordan News Agency