Arab Free Trade Zone meeting, Lebanon wants temporary halt
The social and the economic council affiliated to the Arab League will begin the works of its 62nd session among ministers of economy on September 9 under the chairmanship of the Djiboutian minister of economy.
The council will discuss applying the executive program for the Arab free trade zone, conditions of food security in the Arab states, the investment climate in Arab countries, recommendations of governors of central banks, heads of currency associations and the reports of the specialized ministerial council.
The Arab states began establishment of an Arab free trade zone through the reduction of customs duties at the planned rate of 10% annually, which began at the start of this year. 12 countries have implemented the agreement, while Sudan, Somalia, Palestine, Lebanon, Libya and Yemen have not yet started the implementation of customs reductions, and four countries -- Algeria, Djibouti, Comoros and Mauritania -- did not join the agreement to facilitate and develop commercial exchange among the Arab states.
Because of the Israeli aggressions on the Lebanese territories, Lebanon informed the Arab League that it would temporarily continue not to implement the customs reductions within the executive program to the Arab free trade zone for a period that does not exceed six years.
Lebanon said in its note that because of the hard circumstances through which it has passed and still suffers daily through the Israeli attacks on its land, it calls on the Arab countries to agree on the this exception.
The note expressed the hope that the Arab states will establish an Arab market that facilitates free commercial exchange and improves the economic situation for the good of all Arab states.
The follow-up and execution committee is finishing up its fourth meeting at the headquarters of the Arab League's general trusteeship today. In its membership, the committee comprises experts from the Arab states who are participating in the Arab free trade zone.
The social and the economic council authorized the committee to follow up on the implementation of the Arab free trade zone, especially since the representation level is usually on the level of the concerned ministries' undersecretaries.