The meeting of Arab trade and economy ministers held in Cairo recommended the need to issue a resolution to liberalize trade among Arab countries with the aim of establishing a joint Arab customs union. This is one of six resolutions that will be submitted to the Arab Summit today, Saturday, in Sharm El-Sheikh, the most notable of which is Mounir Fakhry Abdel Nour, Egypt’s Minister of Trade and Industry, stated that the Arab trade ministers also agreed to follow up on the decisions taken at the previous summit in Kuwait and to promote agricultural investment to ensure Arab food security, in addition to developing new and renewable energy sources.
The Egyptian minister stated that Arab ministers had adopted specific resolutions regarding trade in goods, including the reduction of customs tariffs, followed by the elimination of exemptions and all non-tariff and quantitative restrictions imposed on the exchange of Arab goods among themselves; this step is of utmost importance in preparation for the establishment of the Arab Customs Union. He also noted that the decision included a call for Arab countries to coordinate among themselves to harmonize their tariff structures so that Arab countries can establish the customs union in the near future, which is the second step after trade liberalization and precedes the establishment of the desired Arab Common Market, in addition to decisions regarding support for small businesses.
