ECOFIN Day 1

The delegates of the Economic and Financial Committee opened debate today by discussing possible solutions to revitalize the stagnant economy of the Gaza Strip. Several potential solutions were presented, including the relaxation of the blockade on the Gaza Strip, opposition to Hamas, and utilization of the natural gas reserves to boost the economy. A key component of the United States delegate’s resolution, a 12% tax on exports from the Gaza Strip to be split equally between Israel and Egypt, was a notable topic of debate. Many delegates expressed concern that this tax was too high, while some argued that it was too low to achieve significant progress. Ultimately, the clause regarding the 12% tax was stricken from the resolution, and still comprehensive in its nature, the resolution was passed. This goes to show just how significant each minor detail is for the EcoFin delegates in effectively resolving such a pressing issue.