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International Arab Organization From Wikipedia, the free encyclopedia
The Council of Arab Economic Unity (CAEU) (Arabic: مجلس الوحدة الاقتصادية العربية) was founded by Egypt, Iraq, Jordan, Kuwait, Libya, Mauritania, Palestine, Saudi Arabia, Sudan, Tunisia, Syria, United Arab Emirates and Yemen on May 30, 1964, following an agreement in 1957 by the Economic Council of the Arab League.[1]
Council of Arab Economic Unity | |
|---|---|
Arab League and candidate GAFTA member | |
| Administrative center |  Cairo, Egypt |
| Official language | Arabic |
| Type | Trade bloc |
| Membership | 4 candidates |
| Leaders | |
• Secretary General | Mohammadi Ahmed Al-Ni |
| Establishment | 3 June 1957 |
• GAFTA signed | 1 January 1998 |
• GAFTA in force | 1 January 2005 |
| GDP (PPP) | 2019 estimate |
• Total | $7.649 trillion (4th) |
| GDP (nominal) | 2019 estimate |
• Total | $2.819 trillion (7th) |
According to The Economic Unity Agreement approved on June 3, 1957, the Council of Arab Economic Unity desires to "Organize and consolidate economic relations among the States of the Arab League on bases that are consistent with the natural and historical links among them; and to provide the best conditions for flourishing their economies, developing their resources and ensuring the prosperity of their countries."[2] The bases of economic relations between states in the Council of Arab Economic Unity are outlined in Chapter 1, Articles 1 and 2 of The Economic Unity Agreement:
Article 1
Article 1 delineates each member state's rights to:
Article 2
Article 2 behoves the signatories of The Economic Unity Agreement to work towards the objectives specified in Article 1 by:
"The Agadir Agreement" for the establishment of a free trade zone between the Arab Mediterranean Nations was signed in Rabat, Morocco on 25 February 2004.[3][4] The agreement aimed at establishing free trade between Jordan, Tunisia, Egypt and Morocco which was seen as a first potential step in the formation of the Euro-Mediterranean free trade area as envisaged in the Barcelona Process.[5]
The Agreement aims to establish a Free Trade Area among the member states, in addition to increase intra-trade on one hand and with the European Union on the other. It also aims to enhance industrial integration among the Arab Mediterranean countries through the Implementation of the Pan-Euro-Mediterranean rules of origin and the utilization of the principle of cumulation of origin. This will enhance the member states’ export capacity towards the EU market and boost attraction for more foreign and European direct investment.
In 2016, the membership of Palestine and Lebanon was approved at the third meeting of Agadir member ministers.[6]
The Greater Arab Free Trade Area (GAFTA) is a pan-Arab free trade zone that came into existence on 19 February 1997.[7] It was founded by 14 countries: Bahrain, Egypt, Iraq, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, and the United Arab Emirates.[8][9] The formation of GAFTA followed the adoption of the "Agreement to Facilitate and Develop Trade Among Arab Countries" (1981) by the Arab League's Economic and Social Council (ESC) and the approval by seventeen Arab League member-states at a summit in Amman, Jordan of the "Greater Arab Free Trade Area Agreement" (1997). In 2009, Algeria joined GAFTA as the eighteenth member-state. GAFTA is supervised and run by the ESC.[10]
The members participate in 96% of the total internal Arab trade, and 95% with the rest of the world by applying the following conditions:
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