Blueprint finalised for Arab common market

October 16th, 2008 - 1:14 am ICT by IANS  

Cairo, Oct 15 (Xinhua) The Council of Arab Economic Unity has finalised a blueprint to set up a customs union that will lead to the establishment of an Arab common market, the official MENA news agency reported Wednesday. According to the three-stage plan, which will be presented at the first Arab economic summit next January in Kuwait, the statute of the Arab customs union would be formed by the end of 2019.

An Arab Free Trade Area will be formed in the first stage, which will run from 2010 to 2013, and links between financial and labour markets will be endorsed in the second stage, from 2014 to 2016.

An Arab customs federation will be established in the third phase, from 2017 to 2019, which will help promote inter-Arab trade in preparation for the establishment of the Arab common market.

The Arab council will also present several proposals to the Arab economic summit on liberalizing trade, setting up food projects and developing the transportation network in the Arab world, the news agency said.

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