Egypt calls for Arab fund for trade exchange, investments, and development

Within the framework of President Hosni Mubarak's call for rejuvenating the Arab common market project, Egypt introduced officially a working paper to the Arab Economic Unity Council (AEUC) to set up an Arab fund for trade exchanges, investments and development.

The new fund targets upgrading Arab exports, decreasing imports, and replacing foreign imports by their Arab counterparts.

Secretary General of the Council, Ahmad Goweili said the paper, which was presented by Minister of State for Foreign Affairs, Fayza Abul Naga, would be placed on the agenda of the 77th session of the Council, due in Cairo next June.