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Arab eco summit will set basis for joint economic action -- minister

By Abdulrazzaq Al-Huzami

(with photos) RIYADH, Jan 7 (KUNA) -- The first Arab Economic Summit that will be hosted by Kuwait will set the base for joint Arab economic, developmental, and social action, said Saudi Minister of Finance and National Economy Ibrahim Al-Assaf on Wednesday.
In a statement to Kuwait News Agency (KUNA), he said that the summit, which will be held from on January 19-20, would differ from all other Arab summits, considering that it focused on the economic, developmental and social aspects.
Regarding the timing of the summit and the circumstances of the global financial crisis, Al-Assaf pointed that this meltdown and its impact on the Arab economy would be among the top issues on the summit's agenda.
He said his country worked hard with the other GCC countries to achieve serious joint economic cooperation, and in implementing decisions taken in previous meetings.
He stressed the keenness of Saudi Arabia for this summit to place new ideologies for joint Arab economic cooperation, through working with all Arab countries in order to achieve economic integration, by strengthening inter-Arab trade and investment.
The minister said those steps would contribute to enhancing relations and common interests of Arab countries, and work to fulfill the aspirations of Arab citizens, and improving their living standards, offering the new generation a bright future.
Al-Assaf expressed hope that this summit would set suitable procedures to overcome the obstacles facing the full application of prerequisites of the Arab free trade zone, as well as working on a realistic timetable for establishing the Arab customs union to reach a common Arab market. (end) ay.lb KUNA 071111 Jan 09NNNN