Four Arab countries to conclude free trade agreement

"A four-way Arab free trade agreement will come into effect in January 2002, Ahmed El-Goweili," Secretary-General of the Arabic Economic Unity Council said yesterday.

He said that the agreement, which bounds Egypt, Syria, Iraq and Libya to remove all customs tariffs and taxes on goods traded between them, is the preliminary step to a unified customs system.

Officials hope the free trade agreement will expand to include all Arab states, and plans continue for the implementation of an Arab market.

Goweili said that the Council was preparing a new protocol to help member countries settle their trade and investment disputes.

It will publish a guide listing investment opportunities in the Arab public and private sector, due in December.

In another development, Mohammed El-Ghamrawi, Head of the General Authority for Investment and Free Zones (GAFI), instructed the heads of free zones to discuss factory production concerns with investors and perform regular inspection tours of industrial facilities in the zones.

Ghamrawi announced that three new free zones covering the fields of petroleum, maritime transport and industry would be opened soon.