LOC22:20
19:20 GMT
KUWAIT, Jan 16 (KUNA) -- Arab Economy Unity Council called on Friday for doubling efforts to boost bilateral trade exchange and free trade in the Arab world.
The council said in a working paper to be submitted to the Arab Economic, Development and Social Summit that it has proposed a program for the development inter-Arab trade and urgent step needed for such program, especially in light of current economic conditions in the modern economic world.
According to the council the proposed program aims in its first phase to increase the proportion of inter-Arab trade from 11.4 percent to 20 percent in a period which would not exceed five years, noting that the achievement of this goal requires an increase in the size and value of inter-Arab trade of about 24.8 to 50 percent which is the equivalent of USD 7.5 billion.
The council added that 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 the deficit of the Arab surplus.
The council has also clarified in its proposed program that the trade gap in the various Arab commodities and goods estimated to be around USD 93 billion annually, adding that many Arab countries, which suffer from a shortage of goods used to fill the deficit from outside their respected countries.
The council also called for a number of mechanisms and operational programs and projects to achieve the target of the proposed program as well as means by which to assess contributions and profits of Arab countries in the implementation of this program. (end) asa.mb KUNA 162220 Jan 09NNNN