Arab economic unity council proposes to enhance inter-Arab trade

KUWAIT CITY, Jan. 16 (Xinhua) -- Arab Economy Unity
Council called on Friday for strengthening efforts to boost bilateral trade
exchange and free trade in the Arab world.

Arab League Secretary General Amr Moussa
attends a press conference in Kuwait City, Kuwait, on Jan. 16, 2009.
Moussa on Friday highlighted the importance of the incoming Kuwait summit,
while conceding the ongoing Israeli offensive on the Gaza Strip shadows
the first-ever Arab economic gathering. (Xinhua/Noufal Ibrahim)

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Gallery

The council has proposed a program to develop
inter-Arab trade, especially in light of the global economic crisis, in a
working paper to be submitted to the Arab Economic, Development and Social
Summit scheduled to be held in Kuwait on Jan. 19-20, said Kuwait's official news
agency KUNA.

The proposed program aims to raise the proportion of
inter-Arab trade in the total foreign trade of Arab states from 11.4 percent to
20 percent in five years, which requires a remarkable increase in the size and
value of inter-Arab trade equivalent of 7.5 billion U.S dollars, said the
report.

Arab League Secretary General Amr Moussa
attends a press conference in Kuwait City, Kuwait, on Jan. 16, 2009.
Moussa on Friday highlighted the importance of the incoming Kuwait summit,
while conceding the ongoing Israeli offensive on the Gaza Strip shadows
the first-ever Arab economic gathering. (Xinhua/Wang Haijing)
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The council also made it clear in the program that
the trade gap in the various Arab commodities and goods estimated to be around
93 billion dollars annually.

The council said some Arab countries are witnessing a
surplus in some of their goods while others experience a deficit in the same
goods, stressing importance on a better Arab coordination to address this issue.

The upcoming Arab economic summit, the first ever in
the Arab world, would focus on the global financial crisis, infrastructure in
the Arab world and social issues, in addition to Gaza crisis, according to
coordinators for the summit.