Arab Common Market


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Related to Arab Common Market: Arab Maghreb Union

Arab Common Market

A proposed market allowing the free movement of goods, services, labor, and capital between all Arab countries. The Arab Common Market began with a proposal to create a customs union in 2007; it is intended to be in place by 2020. See also: MEFTA.
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Also to be tackled were an Arab common market, a unified customs tariff system and ways to deal with the impact of the global financial crisis, which has so far cost Arab economies $2.5 trillion.
Zineldin believes the creation of an Arab Common Market is "a most pressing imperative," which can "provide an effective counter to European, Asian, or American designs," for the region's future in the global economy.
Also within framework of the session, 14 Arab countries signed a MoU for establishing an Arab common market for electricity.
Asked about efforts to establish an Arab common market called by King Abdullah, he said: "We have started setting up the foundation for such a common market.
"The summit recommended as well the facilitation of Arab labor movement between Arab countries and the establishment of an Arab tariff zone before 2015 in addition to an Arab common market before the beginning of 2020," he added.
Do you think it is too late now to set up the GCC common market, and subsequently, the Arab common market?
CAIRO, Sept 9 (KUNA) -- The Arab Foreign Ministers have approved in their 146th session a MoU for establishing an Arab common market for electricity, a senior Arab League official said on Friday.
There is a very real connection between what has been one of the most murderous onslaughts against Palestinians since the creation of Israel 61 years ago and working on an Arab common market and joint policies on issues such as investment and combating unemployment across the Arab world.
There are many opportunities for the private sector to play a role in socioeconomic development, particularly since joint Arab economic action is geared in this direction with the creation of the Greater Arab Free Trade Area (GAFTA), which could form a stepping-stone toward the creation of the Arab Common Market.
The committee has also discussed the Arab single currency, economic integration project, and Arab common market, Al-Jabri who is also a Kuwaiti MP and member in the committee, told KUNA on the sidelines of committee meeting here.

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