Sadat staked everything for peace. He also showed the resolve, in 1973, to re-open the door to a market-oriented economy.

Years after his death at the hands of assassins, the pursuit of peace in the Middle East continues, despite the disappointments, such as the one this week when Palestinian leader Yasser Arafat and Israeli Prime Minister Ehud Barak walked away from the table, agreeing there were disagreements over sensitive issues.

While, for now, reconciliation eludes the principal players, Ambassador Ossama Elashiry, the Consul-General for Egypt in Hong Kong, points out that the Middle East peace process, in which President Hosni Mubarak plays a 'pivotal role', has assumed greater importance in the context of regional stability and economic security.

The continuing dialogue in the region should be viewed as an important process that paves the way for Arab-Israeli co-operation in the future, he notes.

As a moderate and a power that wields much clout in the Arab world, Egypt understands the po litical complexities as well as the economic challenges the Middle East must face in the quest for stability and a durable peace, Mr Elashiry points out, adding that Egypt's role is crucial to a just peace and economic co-operation in the region.

To realise its economic dreams and wishes for enduring peace, Egypt has pushed forward and provided new momentum to several initiatives for 'economic engagement and development co-operation' with some of its neighbours in the Middle East and Africa, and with those in other regions, Mr Elashiry says.

Egypt has also sought to formulate 'collective action' to address the myriad dilemmas of the developing world, through forums such as the Group of 15 nations which ended its 10th summit in Cairo last month, Mr Elashiry says.

Urging developed nations to consider the 'development dimension in trade negotiations', the summit called on donor countries to write off the debts of poor nations (especially African countries) and appealed to developing countries to co-operate in trade and investment, among other things.

The grouping brings together countries from Latin America, Africa and Asia. These are Algeria, Argentina, Brazil, Chile, Egypt, India, Indonesia, Jamaica, Kenya, Nigeria, Malaysia, Mexico, Peru, Senegal, Venezuela and Zimbabwe. The group has also agreed to admit Sri Lanka as a new member.

Egypt endeavours to strengthen the voices of developing countries and underlines the need to protect their interests through groups such as the Non-Aligned Movement, the Common Market for Eastern and Southern Africa (Comesa), and the Organisation of Islamic Conference, whose foreign ministers met in Kuala Lumpur, Malaysia, last month. The ministers discussed issues of common interest, including economic co-operation between Islamic countries and normalisation of Egypt-Iran relations.

Soon, Mr Elashiry will himself be immersed in the work of the Islamic grouping when he assumes duties as Egypt's ambassador in Malaysia. He will be leaving Hong Kong after concluding a fruitful three-year tenure.

Egypt has also sounded out the possibility of opening a dialogue with Southeast Asia, Mr Elashiry points out.

In Singapore just a few weeks ago, Foreign Affairs Minister Amr Moussa suggested that G-15 countries examine 'the possibility of holding informal consultations' with the Association of Southeast Asian Nations (Asean).

As economic co-operation strengthens, new markets are opening and moving towards free trade, Mr Elashiry says.

One such market is Comesa, which is offering new opportunities in the African continent. In the meantime, Arab states are seeking integration, while a common market proposed nearly a decade ago is expected to be created by 2007.

Comesa, which groups 21 countries including Egypt, has opened up a huge market for the country's exports.

'Comesa allows the larger part of the continent, including some Middle Eastern States, to become a free trade area where the private sector will be the locomotive for commercial interaction,' Mr Moussa told his Singapore audience, while also observing that the 'Arab world is proceeding towards the establishment of a free trade area, as a stepping stone in an endeavour to establish an Arab common market which comprises more than 200 million people'.

The Comesa free trade area is expected to be established by October this year. Co-operation has been mooted between the grouping and the Organisation of African Unity, which includes 53 independent African states and Egypt as members.

Mr Elashiry says that at an Af rica-Europe summit, held in Togo last week, the African states discussed external debt, trade relations and co-operation in health and education.

Comesa provides an opportunity for Africa's economic integration, but the continent's leaders have often reiterated that unless the wars and political conflicts are settled, development may remain a distant hope.

While sensitive to the challenges facing the developing world, Egypt is also committed to protecting the peoples of those countries from the enemies of stability, and has called for a stand against the scourge of terrorism, Mr Elashiry says. Egypt has proposed an international conference, under the auspices of the United Nations, to discuss a joint effort to combat terrorism in all its forms.

Mr Elashiry says Egypt looks forward to the day when long-running feuds in the Middle East and Africa could be settled peacefully so that economic goals may be realised for the collective good.

Far-sighted political and economic initiatives, Egypt hopes, will be instrumental in influencing events and help lay the foundation for a Middle East where peace and stability co-exist with economic prosperity in the future.