Trade polices in the Middle East

Today, the trade policies of any region in the world have a considerable impact on how economically competitive that region is on the world stage. This study paper examines Middle Eastern trade and its long-term relevance in the global economy because the Middle East has faced so many difficulties and failures that it is now hardly important to the global economy.

How the Middle East Can Continue to Be Important in World Trade

Security concerns, a lack of democratization, and restrictive cultural views are just a few of the reasons why the Middle East cannot support its people economically (Pradhan, 2017). Sadly, when governments and policy makers focus on the issues as mentioned earlier, economics garner less attention in policy-making leading to continued weak trade policies that only sustain the population for short periods of time. It is, therefore, important for peace talks and democratization policies to focus on economics as a long-term transformative component of the Middle East region. The opening of borders will decentralize commerce and enable collaborations that will lead to long-term trade agreements hence long term relevance (Zoellick, 2017).

Concerns in the Middle East that could hinder Progress

Security is the primary concern that could derail the progress of the Middle East economically. First, terrorism peddled by extremist groups in the name of protecting cultural, religious and economic interests scare away potential investors while at the same time immobilizing the local human resources (Zoellick, 2017). Second, closure of national borders by countries like Irag, Iran, and Palestine have led to centralized economics that excludes the Middle East from the benefits of trade globalization. Zoellick (2017) asserts that mismanaged growth of population has led to chronic unemployment that adds to the social crisis of chaos and despair. Other factors include lack of economic liberalization and hindering religious and cultural beliefs.

Resources that Can Strengthen the Middle East

Data by Pradhan (2017) indicates that the population of the Middle East is overwhelmingly young with 60% of the population being under the age of 30 and therefore, human capital is one of the greatest resources that can help the region achieve significant economic goals. Iran, Irag, and the whole Gulf region possess minerals and other resources like oil that can government can channel towards the achievement of viable financial goals. According to Pradhan (2017). Proper regulation in sectors of government can speed up economic progress. For example, Jordan has invested in health and education that have led to sound monetary policies while at the same time forming comprehensive trade agreements with the United States of America (Zoellick, 2017).

Conclusion

The Middle East should not be ignored with regards to its economic standing since economic activities in the region affect global trade. For example, elimination of terrorism and other security concerns can lead to stability in the region that can promote trade agreements leading to economic progress.

Works Cited

Pradhan, S. Economic Recession And The Middle East’s World Trade: Recent Policy Trends And Implications. 1st ed. Dubai: Gulf Research Center, 2017. Web. Accessed 29 Apr. 2017.

Zoellick, R. B. (2017). “United States Trade with the Middle East: Opportunities and Challlenges:” Washingtoninstitute.org. N.p., 2017. Web. Accessed 29 Apr. 2017.