UAE gears up to join Arab free trade zone

The customs council in the United Arab Emirates will hold a meeting on Tuesday to discuss the executive procedures for applying the Arab free trade free trade zone, according to a February 16 Cabinet decision.

Economic sources said that applying the executive program comes within the note presented by UAE Minister of Commerce and Economy Sheikh Fahem Bin Sultan Al-Kasemy to the Cabinet, in which he focused on the positive aspects of the free trade zone agreement, which include opening Arab markets to UAE industrial and agricultural exports.

This is expected to encourage investment in countries implementing the agreement, by not having restrictions on imports, taxes on income or profits, and will all help increase the efficiency and the competitiveness of member countries.