Cairo- An Arab-Indian Chamber of Commerce, Industry and Agriculture was established and launched based on mutual regulations, said the Arab League on Thursday.

The new Arab-Indian joint room was also announced by the Union of Arab Chambers—and was made possible through implementing regulations adopted by both sides. The planned chamber will finance various activities, membership fees along with other resources to achieve its objectives.

The chamber was announced during a press conference held by Ambassador Kamal Hassan Ali, Arab League Assistant Secretary-General for Economic Affairs, and Nael Al Kabariti, President of the General Federation of Arab Chambers of Commerce, Industry and Agriculture.

The Assistant Secretary-General stressed that the Arab-Indian collaboration seeks to support integrating Arab economies and promote joint Arab development through boosting and developing Arab-Indian economic relations.

He also stressed the need to support increased trade and investment, serving the common interests of both sides, and deepening the ties between Arab states and India.

For his part, Kabariti stressed the importance of launching the Indian-Arab Chamber of Commerce, Industry and Agriculture, given that “as India has become a key partner and an important economic international player, especially in the development of knowledge.”

Kabariti added that those factors are exactly what Arab countries are looking for, not only at the level of trade and commodity exchange.”

Kabariti said that this chamber is a manifestation of Arab cooperation with regional and international blocs.

The establishment of this chamber is based on Economic and Social Council resolutions 753 and 754 of session 25 held in Cairo in 1978, with the support of the Indian side at official and private levels and the approval of the Indian Ministry of Foreign Affairs.