Egypt, Jordan, Morocco and Tunisia have finalized a four-nation free trade zone that will lower tariffs and decrease customs duties by 65 percent between the countries for 2003. Tariffs are to be removed completely by 2006, reported AFP.
The agreement also calls for facilitating trade liberalization with the European Union (EU) and the creation of a trade zone general-secretariat to be based in Amman, Jordan. Open to other Arab nations, the free trade zone is expected to be formally ratified by the end of February.
In May 2001, the four countries agreed to set up a free trade zone ahead of the 2010 target for trade barriers to end in the Euro-Mediterranean area. The agreement was signed by at a ceremony in the southern Moroccan city of Agadir. — (menareport.com)
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