According to QNB Group, a key indicator for the success of Arab economic integration is the share of trade of countries within GAFTA
with themselves relative to the total trade of these countries with the rest of the world.
Algeria's imports from GAFTA
countries increased by 34 percent last year to2.
The value of Jordanian imports from GAFTA
countries in the first 4 months of this year was JD1.
Dr Mashal said these figures showed that local companies were still not taking full advantage of the GAFTA
Exports to GAFTA
are exempted from duties, it was pointed out.
offers reduced customs duties on products, and allows countries to share their standards and specifications to facilitate goods movement and communication between member states," added Al Awadi.
But the three Arab states are already members of the Arab Free Trade Zone GAFTA
, which normally prevents participation in another free-trade zone.
As of January 1, 2005, the Greater Arab Free Trade Agreement (GAFTA
) came into effect and customs duties were eliminated between Syria and all other members of GAFTA
Ltd, Bangkok, is now accredited by GAFTA
(Grain and Feed Trade Association) to issue analysis certificates for grain and feeding stuffs at loading and discharging ports.
There are some "off the shelf" ready made clauses, such as the ICC Force Majeure and Hardship clauses, or particular trade clauses such as GAFTA
Force Majeure and Prohibition clauses.
Against this basic change in economic setting, in 1997 the Arab Economic and Social Council of the League of Arab States adopted GAFTA
as a multilateral trade liberalization scheme.
243) One author notes that GAFTA
is "able to provide disputants with an effective means for ensuring the issuance of accurate awards and to recognize parties' interests in designing an arbitration process to fit their needs.