The Arab Economic Union (AEU) vowed Friday, June 8, to mobilize to boost inter-Arab trade levels over the coming five years to 20 percent of total external trade for all Arab states, the INA news agency reported.
Economy ministers from the 10-member AEU made the pledge at the end of a three-day meeting in Baghdad, the first of its kind since the 1991 Gulf War, INA said INA.
AEU secretary general Ahmad Al-Juili said Wednesday inter-Arab trade had stabilized over the past decade at $27 billion a year, or 8.6 percent of external Arab trade.
Juili urged Arab states to cooperate to help raise their gross domestic product (GDP) from $621.8 billion, or 2.7 percent of world GDP.
The Cairo-based AEU, which runs under the aegis of the Arab League, comprises Egypt, Iraq, Jordan, Libya, Mauritania, the Palestinian Authority, Somalia, Sudan, Syria and Yemen. ― (AFP, Baghdad)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)