Arab ministers satisfied over progress on trade free zone

The 63rd Arab Economic and Social Council on Wednesday expressed satisfaction on measures adopted by Arab states for the implementation of the Arab free trade zone.

A statement released at the end of the meeting underlined the importance of common and comprehensive measures adopted by Arab states in this respect.

The statement said the activities of the free zone should be expanded to include joint ventures and stimulate employment.

The council praised the 14 states that applied the agreed annual 10 percent cut on customs tariffs last year namely Kuwait, Saudi Arabia, the United Arab Emirates, Oman, Bahrain, Egypt, Syria Libya, Lebanon, Jordan, Tunisia, Morocco and Iraq.

Sudan, Yemen, Mauritania, Palestine and Somalia have not yet started application of the Arab Free trade Zone agreement due to enter into effect in the year 2007.

Three Arab states, Algeria, the Comoro Islands and Djibouti have not yet joined the agreement.