AEUC pushes for Arab common market
Regional, Economics, 9/27/2001

"The Cairo based Arab Economic Unity Council (AEUC) has been entrusted with managing the executive procedures for establishing a free trade zone between Egypt, Iraq, Syria and Libya," an Iraqi official said yesterday.

Hamid Shaker el-Gabbouri, Director General of the Iraqi General Authority for Free Zones, said a work team had already been formed to discuss the requirement of a customs union to regulate the four-way free trade zone.

Egypt, Iraq, Syria and Libya signed the agreement for the zone in June, and the executive protocol for its implementation is expected in December.

"The beginning of the new year will witness serious steps to unify customs systems between these four Arab countries," Gabbouri said

The four-way free trade agreement stipulates the removal of all customs tariffs and related taxes on goods originating in any of the four countries. The AEUC will formulate the executive measures for the agreement's implementation, and plans to extend the agreement to cover all Arab countries.

The AEUC recently reduced the transitional period for the implementation of an Arab common market to eight years ending in 2006 in response to the recommendations of the last Arab summit, held in Amman. The previous implementation period was 10 years.

Previous Stories:
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  Egypt underlines African economic integration   (9/25/2001)
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