Arab nations contribute two percent of world gross product
In the year 2001, unemployment in the Arab World’s leaped to 20 percent of the combined work force. The situation and is particularly grave among the young and educated people of the region, stated the Secretary General of the Council of Arab Economic Unity (CAEU) Ahmed Al-Ghoeili.
The Gross National Product (GNP) of the Arab world stood at $712 billion last year, contributing only two percent of the world gross product, Ghoeili added. In the year 2001, the volume of Arab trade with the rest of the world totaled $400 billion, representing a mere three percent of world trade. Oil constituted 70 percent of the Arab world's trade exports.
"As long as the Arab economy is in such weak state, the Arab political performance will be as weak as the economy," Arab League Secretary General Amr Moussa told the council’s 76th session convened in Cairo, Egypt.
The council, which holds twice-yearly meetings, is made up of economy, finance and trade ministers from 10 of the Arab League's 22 member states. The CAEU was created in 1957 by a resolution of the Arab Economic Council, which itself is part of the League of Arab States.
The CAEU’s mission is to facilitate cooperation between member Arab countries as part of a move to the creation of an Arab customs union. The council has sponsored the creation of a number of Arab joint companies and specialized trade federations, which are aimed at enabling Arab companies to compete in new business sectors.
The Arab League itself was formed in 1945 to promote closer ties among member Arab States, co-ordinate their policies and promote their common interests.— (menareport.com)
© 2002 Mena Report (www.menareport.com)