And here in Brussels, the importance of trade and business for welfare and growth is illustrated by the Grand-Place, which UNESCO describes as "a rare example of a square without a church or any other place of worship, which emphasizes its mercantile and administrative nature". By allowing specialisation and, therefore, using economies of scale, free trade makes production more efficient.
Today, as you all know, oil has scaled new heights at over $ a barrel on most days, the US subprime crisis has unleashed a global credit crunch and the world stands on the threshold of a food crisis due to the soaring prices of basic commodities. Here, in the GCC, we are indeed fortunate on many fronts.