Dr. Sahar Nasr, Deputy Chair of the Financial, Economic, and Investment Committee of Egypt's Senate, recently participated in a high-level parliamentary session at the World Trade Organization (WTO) Public Forum in Geneva. She stressed that involving parliaments in the early stages of negotiating and drafting economic and trade agreements is crucial. This ensures that international commitments align with national legislative frameworks, supporting effective and sustainable economic policy implementation.
The session, organized by the International Parliamentary Union (IPU) and the WTO, focused on engaging parliamentarians in sustainable services trade. It brought together representatives from national parliaments worldwide and experts in trade, economics, and public policy. Dr. Nasr highlighted that services trade is a key driver of local and global economic growth, especially in sectors like communications, information technology, financial services, and digital transformation.
Dr. Nasr noted that services trade contributes significantly to GDP, job creation, and national competitiveness. It also plays a vital role in empowering women, youth, and small and medium-sized enterprises (SMEs). Despite its importance, services trade faces several challenges. Dr. Nasr emphasized the need for parliamentarians to be involved in the early stages of negotiating and drafting trade agreements to address legislative and regulatory obstacles.
Effective parliamentary involvement can help identify and address legislative challenges in a timely manner. It also ensures consistency between international commitments and national legislation, supporting more effective and sustainable economic policy implementation. Dr. Nasr highlighted the importance of dialogue and coordination between parliaments, international organizations, and experts in developing trade and economic policies.
Dr. Nasr reviewed Egypt's experience in the banking and financial sectors, which have undergone significant developments. These changes have enhanced financial inclusion and capital market growth, enabling the national economy to benefit from modern financing tools and services. She also discussed Egypt's progress in digital infrastructure and efforts to improve the investment climate.
The Egyptian experience demonstrates the importance of integrating legislative and institutional development, investing in infrastructure, and promoting financial inclusion and digital transformation. This integrated approach supports sustainable economic growth and job creation. Egypt's participation in the WTO Public Forum reflects its commitment to parliamentary engagement in international economic and trade issues.
The participation also underscores Egypt's focus on supporting inclusive and sustainable growth policies. Dr. Nasr's contributions to the forum highlight the critical role of parliamentarians in shaping trade agreements and economic policies that impact national economies.
Key points
- Dr. Sahar Nasr advocates for parliamentary involvement in trade agreements to ensure alignment with national legislative frameworks.
- Services trade is crucial for economic growth, job creation, and national competitiveness.
- Effective parliamentary participation can support more sustainable and inclusive economic growth.
