Economic study criticizes inequality of Arab - European relations

A modern economic study criticized Arab - European trade relations, describing them as unequal and imbalanced, especially after the trade balance has strongly inclined toward the European Union.

The study, set up by Farouk Maklouf, the economic advisor to the secretary general of the Arab council for economic unity said the deficit in the trade balance rose from $5 billion in 1983 to $15 billion in 1995.

The study related the shortage to the policies of the European Union, which are intended to decrease dependence on Arab petroleum, varying the sources of energy in addition to imposing taxes on raw petroleum, justifying this as protecting the environment. The taxes started at $3 a barrel for petroleum in the first stage, then gradually the tax amounted to $10 in 2000.

The study called for coordination of the Arab stance in negotiation with European side in partnership relation to support Arab negotiators.