Untapped Trade Potential Could Boost Middle East and North Africa's Economic Growth
Limited integration in the Middle East and North Africa (MENA) region has hindered economic growth. Despite being home to a significant population and GDP, MENA's share of world trade is low. Countries in East Asia that embraced trade and investment reforms saw increased trade, jobs, and income. MENA's heavy reliance on oil and gas exports limits its trade diversity. While trade agreements help, opening up to global markets is crucial for growth. Improving trade infrastructure and focusing on services trade can boost economic competitiveness. Regional cooperation can bring benefits, but must align with global integration trends to avoid costs. The main goal is to assess regional economic cooperation and integration in MENA and with the rest of the world.