US $850,000, the budget of the Arab economic unity council
Regional, Economics, 2/4/2000

The council of the Arab economic unity has informed sides concerned in Syria that the council's budget for the year 2000 was approved at US $850,000 and that a committee was formed including representatives from Egypt, Jordan and Libya to discuss means of dealing with the financial condition of the council's general secretariat, resulting from the fact that the council's member states did not pay their financial dues during the period between 1990-1999.

However, a draft agreement was prepared to protect and encourage investment and capital movement among the Arab states.

The Syrian delegation to the council proposed that developing and backing inter-Arab investment should be made through the united agreement on investment which was held within the framework of the Arab League in 1980 and in collaboration with the economic and social council and the Arab organizations concerned so as to prevent repetition and duplication in the joint Arab work.

Moreover an executive program was laid to resume the implementation of the common Arab market's rules in the context of the Arab economic unity agreement as from January 1, 2000, according to the formula proposed by the general secretariat that provides for freeing Arab commodities and exempting them within three years.

It was also agreed to have the federation of the Arab businessmen's council, the Arab federation for plastic production and the Arab federation for chemical industries joining specialized Arab federations working in the framework of the Arab economic unity council.

Previous Stories:
  WB creates international consortium to reduce costs of natural disasters in developing world   (2/3/2000)
  Arab civil aviation meeting in Rabat   (2/3/2000)
  Arab Gulf oil ministers meet this month in Saudi Arabia   (2/3/2000)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search