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Progress in implementing the Grand Arab Free Trade Zone

Riyadh, 12th September 2001— Arab League's Ministerial Economic and Social Council decided to shorten the transitional period for establishing the Grand Arab Free Trade Zone so that the transitional period ends in early 2005 instead of late 2007.

At the end of its meetings in Cairo today, the Council made a number of recommendations and called on Arab states to take further steps to eliminate trade barriers and boost trade.

It called on Arab financial institutions to support the less developed Arab states.

The Council also took other economic decisions aimed at boosting Arab economic integration which included the setting up of an Arab customs union and [establishing mechanisms] to avoid tax duplication among the Arab countries.

Source: SPA©


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