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KUWAIT, Jan 20 (KUNA) -- Arab leaders urged Tuesday Arab financial institutions to carry out more active role in increasing funding and investments in the Arab countries with special emphasis on integration projects.
In a resolution of the Arab Economic Summit, the Arab leaders vowed continued support for the national financial institutions to contribute to stability of the global financial situation.
The Arab leaders called on governors of central banks to coordinate policies to get out of the financial crisis, said the draft resolution.
They said the Arab financial institutions should continue financing inter-Arab investment and helping the Arab countries to improve their investment climate.
The financial institutions should forecast conditions of the financial markets and economies to avoid any negative impacts.
An implementation mechanism called on the financial institutions to settle trading between their institutions with local currencies, as well as activating funding mechanisms of private sector projects.
The leaders emphasized importance of stability of oil prices for best interest of oil producers and consumers.
In another resolution, the Arab leaders called for adopting necessary measures to establish the custom union as of 2010 to be fully operational by 2015 to ultimately establish the common Arab market.
The leaders will assign the Economic and Social Council to adopt all necessary measures to establish the Arab custom union.
The implementation mechanism, which was approved by the Arab leaders to execute the resolutions, called for establishing the foundation program of the custom union and carry out the union.
It called for the removal of custom and non-custom barriers on Arab goods, boosting efficiency of inter-Arab trade, preparing a list of specifications of Arab goods and continue negotiations for the liberalization of trade services.
It called for removing all obstacles facing the implementation of the grand Arab Common Market in 2009-10 and continuing the establishment of the relevant institutions.
The draft resolution said the least developed Arab countries to present an annual report to the Arab League about the progress made in the implementation of the Millennium Development Goals (MDGs), and how the rest of Arab countries could help them with the compliance.
On the other hand, the implementation mechanism urged Arab financial institutions and banks to achieve stability of the financial sector in the Arab countries in a drive to combat negative impacts of the global financial crisis.
It called for boosting auditing on the financial and banking systems, the development of the laws and regulations to tackle the financial meltdown.
The mechanism, turning to investment, urged Arab countries to create suitable investment atmosphere, increase inter-Arab investments, encouraging the private sector to invest in agriculture, industry and infrastructure, in addition to boosting role of the Arab Investment Court.
Meanwhile, the Arab leaders agreed to hold the upcoming economic summit in Egypt after two years. (end) kt KUNA 201500 Jan 09NNNN