LOC18:25
15:25 GMT
KUWAIT, Jan 19 (KUNA) -- An Arab official called for issuing a legislation for establishing an Arab trade court similar to those of the European Union's international trade courts.
Legal advisor at the Arab exporters and importers union Dr. Husam Burommana told KUNA, on the sidelines of the Arab Economic Summit that kicked off here Monday, the union submitted a proposal to the Council of Arab Economic Unity (CAEU) on establishing an Arab arbitration chamber, and hoped the proposal would be implemented.
He said that it was significant to phrase economic and trade laws and legislations in a way that ensures executing the visions of the Arab leaders and people on stressing the economic and developmental performance of Arab countries.
He added that the legislations related to Arab investments needed to be rephrased to attract investors.
Burommana pointed out that the summit was very important because it was held amid the world economic crisis and because it was the first Arab economic summit.
He said valuable ideas and visions were presented at the activities that preceded the summit, expressing his hope that the summit comes out with resolutions that contribute in boosting development in the Arab world.
He expressed his gratitude for His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for calling for an Arab economic and development summit. (end) kt KUNA 191825 Jan 09NNNN