Rabat — Financial integration is one of the structuring parameters of the projected Maghreb market, given the role it can play to boost and revitalize trade in goods and services, promote intra-North African investments, and harmonize national payment systems according to participants at a recent roundtable organized by the UN Economic Commission for Africa, jointly with the Maghreb Economic Forum (MEF).
The meeting, which was attended by over thirty senior managers and professionals of the banking and stock market sector, investors and academics, as well as researchers was held in Rabat on October 8, 2013.
Participants noted that although the treaty of the Arab Maghreb Union (AMU) clearly stipulates that one of its goals is to achieve "free movement of capital", the development of a regional financial market, including quotes and cross-ownership remains hindered by many institutional and structural obstacles.
In addition to the difficulties associated with slow integration, various financial constraints also hinder the mobility of capital and investment between Maghreb countries, notably: the national regulations relating to foreign exchange, the diversity of banking profiles among member states, the existence of differential treatment between investors, and the high costs of cross-border transactions.
The main objective of the meeting was to exchange views on the role of private actors in achieving financial integration and promoting functional cooperations.
This rich brainstorming and exchange of views and experiences helped to identify a number of areas for concrete action, namely the establishment of a Maghreb Investment Fund by the economic operators, creating a platform for exchange on the projects/activities undertaken by the private sector in the subregion, and the creation by Maghreb Union of Banks and the Maghreb Employers' Union of a lobby whose specific objectives would be a selected opening of the member states Capital Account, upgrading the national financial systems and aligning them with international standards and promoting an administrative fast-track process for cross-border transactions.
The meeting was intended to offer an opportunity for high level reflection and exchange as part of a wider dynamic aiming at involving the private and semi-public actors in the regional integration process through promoting various forms of partnership, ranging from simple programme coordination to carrying out joint projects in the areas of merchant services, including banking and insurance, energy, transport and logistics, as well as telecommunications.
Issued by: ECA External Communications and Media Relations Section PO Box 3001 Addis Ababa Ethiopia Tel: +251 11 551 5826 E-mail: ecainfo[at]uneca[dot]org www.uneca.org
