LOC19:37
16:37 GMT
KUWAIT, Jan 18 (KUNA) -- The General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries affirmed, in its report to the Arab Economic Summit, the importance of implementing the greater Arab free zone agreement.
It also underscored the need to boost the role of the private sector as a partner to Arab governments in achieving sustainable growth and development.
The report, based on outcomes of the union conference held in November, said that it was vital to allow the private sector to take part in tackling economic, social, and developmental problems.
It underscored the importance of fully implementing the greater Arab free trade zone agreement as a mean to establish an Arab customs union and then on to the joint Arab market which would both protect Arab economies and create a strong Arab economic bloc.
The report noted that despite the passing of three years since the establishment of the free trade zone, Arab trade was still at 8-12 percent, while aspirations were to bring trade with Asia to 40 percent and to 70 percent with the EU. (end) kt KUNA 181937 Jan 09NNNN