Arab finance ministers meet in Doha on Arab free trade zone

Finance ministers from 20 Arab states and some 11 central bank governors on Tuesday in Doha started a meeting dedicated to establishing an Arab economic zone for free trade exchange in the year 2007.

AFP said that the meetings, which are presided over by Saudi Minister of Finance Ibrahim Assaf, will continue until today and will highlight the role of various Arab funds and their possible contribution to the process of setting up the free zone.

During the meeting, the Saudi minister called upon the Arab private sector to carry out a greater role in reactivating the Arab economy.

The Arab League started reductions of custom fees at a rate of 10% as of the beginning of 1998 in preparation for establishing the common Arab market in the year 2007.

The volume of inter-Arab commercial exchange is estimated at US $160 billion.