Egypt, Syria, Iraq, Libya set up free trade area

Ministers of Trade and Economy of Egypt, Iraq, Syria and Libya Thursday initialled an agreement for setting up four-way free trade area.

The Ministers also approved an executive program for a greater Arab Free Trade zone as well as a long-term strategy for joint economic Arab action over the coming ten years.

In statements after the conclusion of the 73rd session of the Arab Economic Unity Council (AEUC), the Council's Secretary General Ahmed Goweili said that the two-day session adopted several decisions of economic importance.

He said that the session in which these Arab states took part was successful thanks to their genuine desire to achieve a solid Arab economic integration on the basis of a clear-cut strategy in order to be able to confront international economic blocs.

Goweili added that a decision was taken to work out a mechanism to monitor the implementation of the agreements signed by the four Arab states.

Participants in the session agreed to establish a compensation Fund to help the least developed Arab states integrate with the overall Arab economy as well as to provide technical assistance to those of the Arab states willing to join the world trade Organization.

They also agreed to conduct feasibility studies for the establishment of an Arab Academy for electronic trading.

Meanwhile, the final communique released at the end of the AEUC session, called for lifting the unjust embargo imposed on Iraq.