Maghreban ministerial committee calls for speeding up free trade area in Maghreb

The Maghreban Ministerial committee for economy and finance, a structure of the Arab Maghreb Union (UMA), has called for speeding up the establishment of a free trade area between the union members.

The committee, which held its 11th session in Rabat Thursday, looked into means of enhancing inter-Maghreban trade exchanges, fostering integration and harmonizing the Maghreban countries' economic and financial policies.

The Ministers of economy and finance of Algeria, Libya, Mauritania, Morocco and Tunisia convened to set up a Maghreban investment and foreign trade bank that will back investment initiatives in the region and promote partnership between Maghreban investors.

They likewise stressed the need to finalize measures to set up a customs union in a bid to foster Maghreban countries' competitiveness and ease the flow of goods. They called the private sector to contribute to the endeavor.

UMA was set up in Marrakesh in 1989 by Algeria, Libya, Mauritania, Morocco and Tunisia.

The juridical committee of the UMA consultative council (Parliamentary body of the union), which held a meeting in Tripoli, Libya, on Thursday called for the holding, the soonest possible, of a Maghreban summit to reactivate the union.