5/5/2011Arab economy ministers conclude their meeting in Cairo
CAIRO, Arab League Economic and Social Council approved at the close of its current meeting which was held Thursday at the level of Arab Finance and Economy Ministers to hold an exceptional meeting to discuss the timeline for completing Greater Arab Free Trade Zone, and preparations for Arab Customs Union.
The Council decided at the close of its 87th session today to forge a ministerial follow-up committee on the implementation of the decisions made by the Arab Economic, Development and Social summit.
The Council also called on member states of the Greater Arab Free Trade Zone to sew up the details related to this topic by the end of next June, and to make use of the guide set by the Arab League for the single Arab rules for competition, and combating monopoly.
It also urged the member states to grant Arab investors the "most favored country" status, and to promote intra-Arab investments, facilitating the movement of Arab capitals among the Arab countries, and create a favorable atmosphere for attracting intra-Arab investments.
The Council also upheld the holding of the Arab-Turkish ministerial meeting in the second half of this year in Morocco, along with holding a seminar on investment and trade on its sidelines, and holding the Arab-Latin American summit in Peru in the latest quarter of this year.
Finally, the Council approved the special mechanisms related to the financial aspects of Arab Food Program which was set by the Arab Organization for Agricultural Development (AOAD), and to call on it to follow up the Arab food program, and to endorse the draft statute of the Arab Union for Nature Reserves.
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