Iraq, Syria, Egypt and Libya agree to set up free trade area

Iraq, Syria, Egypt and Libya signed in Baghdad this Thursday a free trade agreement, announced secretary general of the Arab Economic Union, Ahmed Al-Jouili.

The deal was initialed by the four states who are taking part in a meeting of the union, the first hosted by Iraq since the gulf war of 1991.

This is an important step in creating an Arab common market, said the official who called other Arab countries to join it.

Iraq is already bound with bilateral free trade agreements with Syria, Egypt and Tunisia.

The nine Arab states gathered in Baghdad yesterday for the Arab Economic Union Council's first meeting in Iraq since the 1991 Gulf War. The Cairo-based Arab Economic Unity Council groups Iraq, Egypt, Syria, Jordan, Yemen, Libya, Sudan, Djibouti, Mauritania and the Palestinian Authority.