The union will pave the way to set up an Arab common market
To this end it has established the Arab Common Market
, the Arab Financial Organisation and telecommunication and postal unions.
Apart from the full implementation of the Gulf Arab Free Trade Zone (GAFTZ), the strategy also aims at establishing the Arab Union by 2015, and then the Arab Common Market
Ahmed Jeweily, secretary general of the Arab Economic Unity Council, also supported the establishment of an Arab common market
. He said Arab nations should strive to attain these goals by 2020.
KUWAIT, Dec 3 (KUNA) -- The Organization of Arab Petroleum Exporting Countries (OAPEC) is interested in cooperation with World Bank (WB), especially in natural gas and Arab common market
for electricity, the OAPEC's secretary-general said on Sunday.
"The integration of Arab markets into an Arab Common Market
would make the region more attractive for international investors and create opportunities for work and income" suggests Al Jaber who on the other hand defines globalization as the accelerating process by which economies are integrated into a market arrangement of international scope.
Six: The Cabinet referred to the Ministerial Committee for Legal Affairs a memorandum from the Minister of State for Electricity and Water on the establishment of the Arab common market
Shaikh Mohammed stressed the vital importance of joint Arab investment in various sectors to implement Arab League resolutions for launching the Arab common market
and clearing obstacles facing Arab economies.
At any rate, the Arab common market
has existed for the past 40 years, and we believe Morocco and Jordan joining the GCC could be strategic," he explained.
I also wish to underscore the importance of boosting investment flows and expanding Arab trade relations as a prelude to setting up an Arab customs union in 2015, which will itself pave the way for the establishment of an Arab common market
by the year 2020.