Yemen pursues accession to Great Arab Free Trade Zone
The Yemeni government has decided to pursue accession steps to join the Great Arab Free Trade Zone, an agreement on facilitating and promoting trade exchange among the Arab countries, reported the official Saba news agency.
The accession terms, formulated by the Arab League in a decree issued in March, offer lesser-developed Arab countries a transitional membership period, beginning from the date of entry. During the transitional phase, tariffs will be gradually decreased until 2010 when they will be removed all together.
In May 2001, Egypt, Jordan, Morocco and Tunisia agreed to set up a free trade zone, a preparation step for the 2010 target for trade barriers to end in the Euro-Mediterranean area. With membership open to other Arab countries, the pact calls for closer economic, political and social ties between 27 Euro-Mediterranean states by the end of the decade. — (menareport.com)
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