An agreement to increase inter- Arab trade

Ministers of economy in nine Arab states on Friday agreed in Baghdad to increase the volume of trade exchange among the Arab states from 8.6% to 20% during the five coming years.

An official Iraqi source said that the ministers stressed in conclusion of the meetings of the 73rd session of the economic unity council stressed the need of supporting the role of the private sector in maintaining Arab economic integration and development through preparing a program including the necessary mechanism to promote inter- Arab trade and increase its current rates from 8.6% to 20% during the five coming years.

The Arab ministers also agreed to establish greater companies in key areas and to facilitate the movement of Arab businessmen and investors as well to facilitate the movement of Arab transport means through borders gates.

At the 73rd opening session of the meetings of the council which was held for the first time in Baghdad since 1990, the secretary general of the Arab economic unity council Ahmad al-Jweili had explained that no improvement has been made on the inter- Arab trade during the past 10 years.

He added that the value of the inter- Arab trade reached USD 27 billion, representing 8.6% of the total Arab foreign trade, noting that the Arab GNP reached USD 621.8 billion, representing 2.7% of the total world product.

The meetings of the said Arab league economic council which lasted for two days and held in Baghdad were attended by the ministers of the economy in six Arab states which are Syria, Egypt, Jordan, Yemen, Sudan, Mauritania and Iraq.

The council which affiliates to the AL and takes Cairo as a headquarters includes in addition to the said countries, Libya, Djibouti and the Palestinian Authorities whose specialized ministers did not attend the meetings.