Arab League fine tunes free trade zone concept
Regional, Economics, 2/12/2001

The Arab League economic and social council held its 67th meeting Sunday to discuss the proposed opening of an inter-Arab free trade zone.

The council will continue its proceedings through Wednesday when Arab ministers of finance meet in Cairo for the same purpose, reported Kuwait News Agency KUNA.

The council will look into ways of developing a thriving free trade zone, including how to set up an oversight committee to handle disputes, how to coordinate competition and break monopolies, how to establish a unified system of tariffs, and how to form technical teams of experts to pursue putting into effect all measures leading to the smooth operation of an undertaking of such mammoth proportions as the Arab free trade zone.

On a different track, the council will also discuss ways of activating the Arab summit's recent decision to set up two different funds in support of the Palestinian uprising (intifada) and the Palestinian economy in general.

The summit had stipulated establishing a fund, called Al-Quds fund, worth $ 200 million to look after families of Palestinians killed or injured in the occupied territories.

It had likewise decided to set up another fund, called Al-Aqsa fund, valued at $ 800 million to finance projects aimed at keeping an Islamic and Arab aura to the city of Jerusalem.

The funds will assist in propping up the local Palestinian economy and in disengaging it from the Israeli one.

Previous Stories:
  International Arab communication conference opens in Beirut   (2/9/2001)

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