Africans, Arabs vow to work together against global financial crisis

Business Materials 26 October 2008 21:52 (UTC +04:00)

The Association of Senates, Shura and Equivalent Councils in Africa and the Arab World (ASSECAA) on Sunday called for African and Arab countries to work with each other and the international community to ensure financial stability, dpa reported.

The ongoing global financial crisis will bring about a shift that can adversely affect developing countries, the association said in a statement released at a meeting of its chambers' of commerce and industry in the South African city of Cape Town.

The ASSECAA said delegates had discussed a blueprint for effective economic cooperation between commerce and industry chambers in African and Arab countries, the Sapa news agency reported.

"This is in response to the ravaging effects of globalization on the economies of developing nations," the ASSECAA statement said, according the report.

Delegates from the two regions resolved to take cognisance of the mobility of foreign direct investment and noted the need for politics to help national businesses build their capacity to compete globally, Sapa said.

The ASSECAA was established in Yemen in 2002 to among other things encourage, support and strengthen parliamentary systems in Africa and Arab regions as well as cultivate and strengthen economic, political, social and cultural cooperation.