Tuesday , August 16 2022

Arab Summit to facilitate trade between Arab countries in the Free Zone



[ad_1]

We show you the most important news in the following article:
Arab Meeting to Facilitate Trade between Arab Countries in the Free Zone, Tuesday 30 July 2019

The second meeting of the Trade Facilitation Committee was held at the headquarters of the League of Arab States within the Greater Arab Free Trade Area, chaired by the representative of the Kingdom of Bahrain and attended by representatives of the Ministers of Trade and Industry in Arab countries.

Dr Bahyat Abul-Nasr, Director of the Department of Economic Integration in the League of Arab States, said a number of trade facilitation topics would be discussed at the meeting, including a discussion of the first draft annex to facilitate trade in the Arab League. free trade area.

He added that the committee was set up to prepare this legislative annex to facilitate trade within the Free Trade Area. He explained that trade facilitation has been in the scope of the WTO since its inception in 1994. This agreement was amended in 2002, this agreement has been developed more than once, indicating that all regional groupings have specific trade facilitation application, but the Arab countries that are members of the Free Trade Area of ​​the Arab Union did not have this trade facilitation app.

The purpose of the FTA was to facilitate trade and it was therefore necessary for Member States to prepare a specific annex to facilitate trade within the FTA.

He added that trade facilitation is one of the topics that has attracted attention in recent years because of its impact on reducing transaction costs, which are the most important barriers to trade movement that appear more in developing countries that do not can bear the extra weight.

The Trade Facilitation App contains a number of articles reflecting the willingness of Arab countries to enhance economic cooperation and liberalize intra-Arab trade and to expand it within the Arab region, speeding up the movement, release and release of goods, including transit goods, to facilitate the flow of trade between countries. Increase trading conditions between Arab countries.

The Committee is due to submit this annex to the Economic and Social Council in September to consider its adoption.

This article is adapted and the source of the original article is:
News today

[ad_2]
Source link