Arab Economic Union (AEU) chief stresses importance of Arab economic integration
Regional, Economics, 6/19/2003

"There is a pressing need for a comprehensive Arab citizenship, as opposed to mere nationality, which would promote Arab cultural exchange as the basis for an Arab common market," Secretary-General of the Arab Economic Union (AEU) Ahmed Joweili said.

Speaking at a seminar 'Arab Economic Integration - Dream and Reality' at the Opera House last Monday, Joweili called for an urgent Arab economic summit to address the economic challenges facing the Arab world at present.

"The Iraqi crisis will not be the last for the Arab community, but it is such crises that hamper efforts towards the creation of an Arab common market," Joweili said.

He stressed the importance of studying the US proposal for an Arab-American free-trade zone.

"However, until solutions can be found for the problems of poverty and economic backwardness in Arab countries, progress and development will be but dreams," he said, adding that many Arabs are living well below what is recognised worldwide as as an adequate standard of living.

Joweili warned against closing off Arab economies and refusing to deal with the outside world, which would have an adverse effect on culture, political life, technological development and other fields of activity.

"Such a tendency would be disastrous for the region, since it would stifle competition and innovation, and lead to economic stagnation with under-utilisation of our huge potentials.

"Consequently, we would be left to depend on the rest of the world," he said.

Arab countries import vast quantities of wheat, seeds, edible oils, sugar, dairy products and fish, despite the abundance of Arab resources which could guarantee self-dependence, he explained.

Dr Goweili pointed out that inter-Arab trade is still low at 8.5 per cent of total volume, and only three per cent of the global commerce.

"We should work on developing other resources instead of remaining totally dependent on petroleum, which at present accounts for 70 per cent of Arab exports," he said, describing the collective Arab economy as "fragile."

ÊÊÊ "Any crisis in the Arab region is invariably followed by economic turmoil," he said.

He hailed the Arab Economic Union Agreement that was reached in 1957, saying it was the most favourable and workable pact for economic integration.

Now available on the Internet, is an investment map of the Arab region which has been recently completed, showing 4,000 investment opportunities in 15 countries in addition to 25 different Arab institutions.

Studies are underway by the Arab Economic Union on ways to increase inter-Arab Commerce to 20 per cent within the next decade, Dr Goweili said, highlighting Egypt's recommendation to set up an Arab fund to promote exchange and finance trade and investment.

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