Greater free Arab trade zone in effect as of today

1/1/2005

The Greater Arab Trade Zone for free exchange has come into effect as from today, which marks the beginning of the new year, covering 17 Arab states, members in the Arab league.

The secretary general of the Arab League, Amr Moussa, welcomed the beginning of implementing the free exchange between states whose trade volume represents 94% of the total inter- Arab trade.

Moussa said that Algeria had provided all necessary documents two months ago and it is in the process of joining the Zone.

Moussa also expressed his hope that Mauritania, Somalia, Djibouti and Comoros federation will join the zone shortly, since these countries together with Algeria, the only country out of 22 Arab states which did not join the zone.

Moussa stressed that the establishment of the free trade will lead to increased growth rate in the Arab states and improving Arab people living conditions and support the economic march of the common Arab action.

The decision to found the Greater Arab zone for free exchange was issued in the Arab summit held in Jordan in 2001.

Arab states which joined the zone reduced its inter-customs fees gradually so as these fees to be canceled as from today, January 1, 2005.

This free trade exchange zone is attended by Saudi Arabia, Qatar Bahrain, Egypt, the United Arab Emirates, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, the Palestinian Authority, Sudan, Syria, Tunisia and Yemen.