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Arab meeting to develop a legal annex to facilitate trade between Arab countries of the free zone from the site of the sunrise gate, Tuesday, July 30, 2019.
The second meeting of the Trade Facilitation Committee under the Great Arab Free Trade Area, chaired by the representative of the Kingdom of Bahrain, and the participation of representatives of the Ministers of Commerce and Industry of the countries began at the headquarters of the League of Arab States.
Dr. Bahjat Abu-Nasr, Director of the Department of Economic Integration at the League of Arab States, said the meeting would review, within three days, a number of topics related to trade facilitation, in particular the first draft legal annex on trade facilitation in the framework of the free trade area.
In a press statement on the sidelines of the meeting, Abul-Nasr said the committee was responsible for preparing this legal annex on trade facilitation in the framework of the free trade area, adding that the issue of trade facilitation had entered the WTO since its inception in 1994. 2002. This agreement was developed more than once, stressing that all regional groups have an annex on the facilitation of trade. trade, but that the Arab member countries of the Arab Free Trade Area did not have this annex on trade facilitation.
He explained that the goal of the FTA was to facilitate trade. It was therefore necessary for member countries to prepare a special annex to facilitate trade within the FTA.
Trade facilitation is one of the topics that has attracted attention in recent years as it has the effect of reducing the costs of current transactions, which are the most important barriers to the flow of trade, which are becoming more apparent. in developing countries, less able to support additional burdens.
The legal offer on trade facilitation contains a number of articles reflecting Arab countries' desire to strengthen economic cooperation and liberalize and expand intra-Arab trade in the Arab region by speeding up the flow, release and customs clearance of goods, including goods in transit. Develop trade between Arab countries.
The committee is 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:
Shorouk Portal
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