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G.C.C. considers free trade zone with Egypt

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) ad.am.wsa KUNA 151744 Jan 03NNNN