Iraq: GAFTA Council of Arab Economic Unity
2011/06/01
The Arab League has a long history of trying to foster trade and economic cooperation among its member states, with several initiatives takes in the 1950s and 1960s.
In 1981, an agreement to facilitate and promote inter-Arab trade was signed, but to little effect.
In February 1997, the League decided to create an Arab Free Trade Area, also known as the Greater Arab Free Trade Area or the Pan-Arab Free Trade Area, by 2008. This would be achieved through a 10% reduction in customs fees each year as well as the gradual elimination of trade barriers. Eighteen of the 22 Arab League states signed on to this agreement, which came into force on 1 January 1998.
In March 2001, it was decided to speed up the liberalisation process, and on 1 January 2005 the elimination of most tariffs among the GAFTA members was enforced.
The 17 states that are members of GAFTA are: Algeria, Bahrain, Egypt, Iraq, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, United Arab Emirates and Yemen. Others are in the process of joining.
- Related Articles
-
IMF Data & Forecasts
2011/08/11 2010 2015 Scale Units GDP at constant prices 41119.13 58190.18 Billions
-
- Iraq News
-
- AFGHANISTAN: UNWTO: International tourism – strongest half-year results since 2010
- IRAQ: Illicit antiquities trade threatening cultural heritage
- IRAQ: OPEC raises forecasts for global oil demand
- IRAQ: ‘I was sold seven times': the Yazidi women welcomed back into the faith
- BAHRAIN: Policy Differences Emerge Among Gulf States Days After Wooing President Trump
- AFGHANISTAN: Higher earning Why a university degree is worth more in some countries than others
- Trending Articles
-
- CHINA: China welcomes Guinea to take part in Belt and Road Initiative
- CAMEROON: Poor End of Year Results for Cameroon Students
- AUSTRALIA: Queensland Bauxite Gains State Approval of Mineral Development Work Program
- KENYA: Kenya to hold fresh presidential election on October 17
- CANADA: Canadian subsidiary of French defence giant gets $5.2 billion contract
- UGANDA: Ugandan Govt Starts Verifying International Academy Teachers