ADEN - Last Wednesday, the Economic & Social Council of the Arab League confirmed the importance of increasing support for the economies of Arab countries.
In the closing of the 75th session of the council in Aden, the final report was released highlighting the importance of finding resources to support the economies of the Arab League.
It commissioned the AL General Secretariat to prepare an executive program of inter-Arab economic cooperation.
Regarding the dropping of customs fees, the council decided to abolish all barriers to agricultural cooperation in accordance with the inter-Arab free trade agreement.
They decided to ease the border procedures between Arab countries regarding transportation, which will include the acknowledgment of passage permits.
The council ordered the implementation the decisions of the 14th, 15th, and 17th AESC meetings.
Prime Minister Abdul-Qader Bajammal had said in a keynote opening of the ESC meeting that the Arab free trade agreement is crucial for expansion of inter-Arab trade exchange.
Bajammal stated that "Yemen is now working to adjust custom duties under its program of financial and administrative reforms."
He highlighted the necessity of forging "a real partnership between governments and private sectors within Arab countries" saying the contribution of the private sector to the national economy in Yemen and other Arab countries is below the required level.
"There is a need for thorough assessment of the private sector's contribution to the national economy."
The premier pointed out a set of measures taken by the government "to liberate investment and boost financial and administrative decentralization" in all provinces.
He expressed a special welcome for the participation of the President of the World Bank James Wolfensohn in the meeting.
Trade delegations participating in the meeting represent a number of Arab countries.
Minister of Industry & Trade Khaled Rajah Sheikh delivered a speech pointing out that Yemen has adopted a free market economic policy since 1990, which depends on competition and dealing with foreign economies.
"These policies open doors for investment and the private sector," he added.
He made it clear that these policies resulted in positive outcomes regarding Yemen's commercial exchange with other Arab countries.
"40 per cent of Yemen's non-oil exports go to Arab countries," he said.
AL Assistant Secretary General Abul-Rahman Al-Shibani delivered a speech in which he expressed his thanks to Yemen for its arrangement for the meeting, highlighting the economic progress achieved in Yemen.
By Observer Staff
© Yemen Observer 2005
