To counter global crisis:

Arabs, SouthAm identify joint mechanisms

Qatar: Arab and South American business people identified Monday joint mechanisms to counter the global financial crisis and boost investment, before the 2nd Summit of heads of State from both regional blocs.

Amid great expectations originated by the arrival in Doha of South American heads of State like Venezuelan Hugo Chavez and Bolivian Evo Morales, delegations from both regions continued their meetings to foster cooperation in multiple spheres.

According to the Doha Declaration rough draft, which was accessed by Prensa Latina, Arabs and South Americans are seeking to dynamize trade relations and agree the means to identify new partners and markets, despite their geographic distance.

A Brazilian diplomat in Qatar told Prensa Latina that exchange between both groups of nations exceeds $21 billion and was confident that it would be increased, with incursions into non-traditional markets.

A regional analyst told the Gulf Times daily that due to the political situation of the countries in the southern region of the New World, increasingly free from US tutelage, “they think it is strategic to find partners in the Middle East.” In an interview during the business meeting, Qatari Trade and Business Minister, Sheik Fahd Bin Jassim al-Thani said that trade volume was relatively low, considering the vast human and natural resources on both sides.

Jassim Al-Thani said that undoubtedly there has been a significant increase in the last three years, in relation to 2005, when trade reached $14 billion.

Other sources are talking about barely $7 billion at that time.

The Meeting in Doha will continue the first forum of its kind, held in Brazil in 2005, and should approve the document prepared by experts and foreign ministers from both regions at the Arab League (AL) headquarters in Cairo.

According to the agenda, Qatari Emir, Sheik Hamad bin Khalifa al-Thani, as the host, and Chilean President Michele Bachelet, as acting Chairwoman of the Union of South American Nations (UNASUR), will give the opening speeches.

Doha, Prensa Latina