Arabs agree on accelerating free trade zone transitional period

Arab finance, economy, trade ministers agreed on accelerating the transitional period to set up an Arab free trade zone, ending January 2005.

The Ministers underlined the necessity of finalizing rules of origin for Arab products and beefing up inter-Arab trade exchange.

The official meeting at the Arab social and economic council highlighted the importance of an immediate end to non-customs restrictions and creation a mechanism for dispute settlement among Arab states.

They urged Arab countries exempted from cutbacks in custom tariffs to minimize them and inform the council's secretariat before the end of December.

The meeting called, instead, for applying a 40 per cent discount on customs duties, charges and taxes on similar items as of September 16.