Arab countries probe inter-arab trade promotion

Means to foster trade exchanges between the Arab states topped a meeting held in Cairo Monday by the inter-Arab trade development commission, an affiliate of the Arab Economic Union Council.

Secretary general of the Arab Economic Union Council, Ahmed Jouili, highlighted the need to increase by 20 percent the volume of inter-Arab trade in the five coming years.

He also urged for making use of new technologies and mobilizing Arab capital to rise production and growth rates.

Despite the reduction since 1998 of custom duties between Arab states, he recalled, the volume of inter-Arab trade exchanges has not exceeded 8.5 percent because of the legislations in force in those states.

According to the Secretary general, the creation of an Arab free trade zone would allow countries in the region to benefit from a significant increase in the volume of inter-Arab trade that might reach US $33 Billion per year.

The Arab Economic Union Council groups 11 members, namely Yemen, Jordan, Egypt, UAE, Sudan, Syria, Somalia, Iraq, Palestine, Libya and Mauritania.