Arab free trade zone: exports to be custom duty-free as of 2005, minister

Exchanges within the Arab free trade zone will be completely exonerated from customs duties as of 2005, said Moroccan Minister of finance and privatisation, Fathallah Oulaalou.

Created in 1997, the zone makes 90% of total Arab exchanges, especially that it is progressively lifting customs duties (80% by last January).

Speaking Wednesday at the opening of the 74th meeting of the Arab League's economic and social council, Oulaalou surveyed the council's action during its previous session, which was chaired by Morocco, praising the significant achievement made in the executive program of the Arab free trade zone.

The council under Morocco's chairmanship, he said, made it possible to boost Arab economic action and set new quotas for countries' contribution to the Arab League's budget. These results, he added, will give fresh impetus to the inter-Arab economic integration.

For his part, Arab League secretary General, Amr Moussa, said restructuring the economic and social council was launched in accordance with resolutions of the latest Arab Summit on development of the Arab Organization and its secretariat general.

This 74th session of the council, attended by Arab finance ministers, is examining a series of issues related to the Arab free trade zone, currently mustering 17 states.