LOC17:44
14:44 GMT
G.C.C. considers free trade zone with Egypt
RIYADH, Jan 15 (KUNA) -- The Gulf Cooperation Council and Egypt Wednesday
agreed to continue talks on accelerating establishment and declaration of the
Arab Free Trade Zone and are considering establishment of a G.C.C.-Egypt free
trade zone, said G.C.C. Talks Coordinator Dr Jebara Al-Seriseri on conclusion
of the first round of talks today.
Al-Seriseri pointed out some G.C.C. states have already signed bilateral
free trade agreements such as the case with Saudi and Syria adding these
agreements are a step towards Arab economic and trade self-sufficiency.
Stressing some states seek these agreements to accelerate the Arab Free
Trade Zone, Al-Seriseri added G.C.C. agreements like these shall be dealt with
through the G.C.C. Customs Union.
Meanwhile, head of the Egyptian talks delegation Foreign Trade
Undersecretary Fuad Al-Qasim said Saudi and Egypt are currently considering
some trade differences and described the talks as productive.
Al-Qasim stressed Saudi-Egyptian agreements of any sort, should any be
reached, would not affect G.C.C.-Egypt free trade zone talks. He remarked
current international economic circumstances require cooperation and
coordination to maintain a significant role in world markets.
It is noted that Egypt's exports to the G.C.C. account for five percent of
its overall export to Arab states. Meanwhile, G.C.C. investments in Egypt till
2001 come to 60 percent of overall foreign investment in Egypt. (end)
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KUNA 151744 Jan 03NNNN