Arab economy ministers call for stronger pan-Arab economic integration
Regional, Economics, 3/26/2002

Arab economy and finance ministers who held a preparatory session prior to the Arab summit of Beirut (March 27-28) stress the need for promoting economic integration in the Arab states, in a draft recommendation that will be referred to Arab heads of state.

The document calls on the Arab states have to upgrade their economic integration by enforcing a comprehensive plan that takes into account mutual interests and economic capacities of each state. The draft recommendation also urges for follow-up of a recommendation adopted by the previous summit in Amman that called for the establishment of an Arab free trade zone by 2005 and proposes to grant less advanced Arab states a special treatment in order to help them integrate in the projected free trade zone.

Arab economy and finance ministers also approved a Lebanese proposal to create an Arab center of medicament control, which they have submitted to the council of Arab health ministers, as well as a draft Arab agreement on the liberalization of trade and services among Arab countries.

The draft final communique also covers air transport liberalization among Arab states, the strengthening off technological capacity and the promotion of inter-Arab tourism.

Egypt's President Hosni Mubarak among others have called for being specific in stating to increase the rate of inter-Arab trade to 20% form the current 8% of their total trade to be accomplished within the next five years.

At the political level, the Beirut summit is scheduled to focus on the Saudi initiative for peace in the Middle-East, where Prince Abdullah proposes a complete Arab recognition of Israel, in return for a complete Israeli withdrawal to the 1976 borders.

Previous Stories:
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  Arab business women conference in Damascus hosted by Syria's first lady   (3/25/2002)
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