$800 billion - the volume of Arab sums abroad

Arab News
25 Feb. 2002

The chairman of the general federation of the chambers of commerce and industry for the Arab states Khaled Abu Ismael, who is also the chairman of the general federation of the Egyptian chambers of commerce has stressed the need of completing the project of the Arab Free Trade Zone which constitutes the base to attract investments from abroad and invest them in the Arab industrial and technological merging.

In press statements Abu Ismael said that the recent incidents will have a clear impact on international relations especially on inter- Arab relations. He indicated that there is a notable recession in the volume of inter- Arab trade in comparison with the Arab trade with international sides.

He added that there are $ 800 billion of Arab sums that should be re-invested in various Arab states, adding that this will come through completing the Arab Free Trade Zone. He continued that this matter requires further economic integration among the Arab states so as to become a common market that can include the largest share of national product as Arab states population will be 280 million inhabitants, and still inter- Arab trade is only 8 to 9 percent of its total trade.