Optimism seen for Arab free trade zone

The Organization of Arab Petroleum Exporting Countries (OAPEC) said on July 8 that the gradual establishment of an Arab free-trade zone, based on joint Arab cooperation, would be enough to secure success.

The organization said in its monthly report that Arab states could overcome difficulties in this regard by sincere efforts.

The report said that these difficulties could be on their way to being solved, especially after the reduction in differences between Arab economic systems and the adoption of the open market economies in a majority of Arab states along with economic reforms and privatization.

In this regard, the report underlined that commercial data among Arab states was available in addition to the increase in funding and investments.

In the field of petroleum-related industries, the report said this particular industry was qualified to play a major role in Arab trade, noting that it currently occupies more than half of inter-Arab trade.

The report stresses that cooperation in the the petroleum industry was various and covered oil, gas and technology.