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The Red Sea has played a pivotal role in global trade for millennia.More than 10 percent of world trade moves through the Red Sea basin every year, a figure that is set to increase as Egypt doubles the capacity of the Suez Canal.A regional effort to facilitate trade and build infrastructure has the potential to reposition the countries surrounding the Red Sea as destinations for global investment and international trade.Long-term forecasts for the Red Sea region's share of global trade are comparatively flat.A coordinated initiative to facilitate trade within the Red Sea region would have a significant impact on future development, boosting GDP by about 10 percent to $6.6 billion and increasing trade by nearly 35 percent to $6.3 trillion, according to research commissioned by King Abdullah Economic City.Achieving this would require significant improvement of logistics capabilities in the region. The Red Sea region has a unique opportunity to develop into a global center of excellence in trade facilitation, strengthening economic ties throughout the region and building a new growth engine for the global economy.
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