Saudi Arabia calls for an Arab economic bloc

Saudi Minister of Industry and Electricity Hisham Bin Abdullah Yamani has called for setting up an Arab economic and industrial bloc to strengthen the position of the Arab states in the new world system and withstand major world blocs.

In a statement to the Kuwaiti daily al-Watan, published on Tuesday, the Saudi minister stressed the importance of taking all necessary measures to accelerate the process of setting up the major Arab free trade zone before its set date scheduled before 2007.

The Saudi minister also stressed the importance of crystallizing an oriented Arab industrial strategy to promote the presence of the Arab states in the world economy. He explained that elements of such a strategy are based on the prevalence of added industrial values, strengthening competitiveness, preparing the proper environment for private investment and building integrated relations among inter-Arab economic sectors.