Arab free trade zone tops Arab social economic preparatory meeting

The preparatory meeting for the 72nd session of the Arab League Economic and Social Council called in Egypt Monday for the speeding up of the creation of the Arab free trade zone.

The Arab League economic and social council will be held next Wednesday at the level of economy and finance ministers.

The preparatory meeting, chaired by Libya, also recommended the lowering of obstacles, such as custom duties, that impede the achievement of the project. An Arab free trade zone will create a common Arab market and achieve inter-Arab economic complementarity. Arab League assistant secretary general of economic affairs, Abdul Rahman al-Suheibani, said six years after the creation of the FTZ was evoked, customs duties between member countries have been lowered by 20%.

The modernization of the council, the creation of an Arab customs union, liberalizing services and the creation of the Arab organization of information and communication technologies will top the agenda Wednesday, he said.