Economic Unity Council pledges to boost Arab trade levels
Regional, Economics, 6/19/2001

The Economic Unity Council vowed to boost inter-Arab trade levels within the coming five years to 20 per cent of the total Arab foreign trade.

Economy Ministers from seven Arab states made the pledge at the end of the Council's three-day meetings in Baghdad, the first of its kind since the 1991 Gulf War. "Holding this Council's session in Baghdad is a sign of Arab solidarity to call for lifting the sufferings of the Iraqi people," said Minister of Planning and International Cooperation, Ahmed A1Darsh.

The inter-Arab trade had stabilised at $ 27 billion per year over the past decade, forming 8.6 per cent of Arab foreign trade, according to Economic Unity General, Ahmed Goweili.

Although the Arab nation is now facing severe political challenges including the faltering Mideast peace process, yet the economic issues are still not less challenging, he said.

Goweili urged the Arab states to enhance cooperation to help raise their GDP, standing in 1999 at $ 621.8 billion, equivalent to 2.7 per cent of the world GDP.

The Council's 73rd session agreed on setting up a reparation fund for the Arab less-developed countries and provide technical assistance to the states which desire to join the World Trade Organisation (WTO). It also endorsed the executive programme of the greater Arab free trade zone.

"There is a genuine Arab desire to achieve a strong Arab economic integration on a clear-cut strategic basis to stand up to the different world economic groupings," Goweili noted.

"It is an important step on the way to establish a common Arab market," Goweili said, calling on Arab countries to join the accord.

It was decided to establish a mechanism to follow up the implementation of the newly-signed agreement in a bid to eliminate obstacles hindering the final endorsement of the executive programme, he added.

The meeting also entrusted Goweili with preparing a study on the impact of the WTO on the Arab economies prior to the WTO talks in Doha in November, in an attempt to coordinate Arab stances.

The ministers, moreover, agreed to draw up a feasibility study on the projected Arab Academy for E-Trade and find out means of financing it in order to submit the final project to the coming council's session in December.

Cairo-based Council, which runs under the aegis of the Arab League, comprises Egypt, Iraq, Jordan, Libya, Mauritania, Palestine, Somalia, Sudan, Syria and Yemen.

Previous Stories:
  Obstacles behind the establishment of the Arab common market   (6/18/2001)
  Cairo economic summit postponed   (6/18/2001)
  Arab stock market statutes drafted, official   (6/15/2001)

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