(With photos) CAIRO, Feb 14 (KUNA) -- Kuwaiti Deputy Prime Minister and Finance Minister Mustafa Al-Shimali stated Thursday that Arab finance ministers have made significant progress on talks over the creation of an Arab free trade zone.

"One of the most important issues that were thoroughly discussed in today's meeting is the creation of the free Arab trade zone and the conferees made great strides in this file," Minister Al-Shimali said in exclusive statements to KUNA following his participation in the 91st meeting of the Arab League's Economic and Social Ministerial Council, held here Thursday.

"The Arab ministers have overcome almost eighty percent of the obstacles hindering the expansion of pan-Arab trade," Al-Shimali said.

The Kuwaiti Minister said that the conferees have also agreed on forming a five-member ministerial committee to study all the challenges facing the implementation of economic integration among Arab states.

"There are still some problems that need to tackled, but I think they are not huge as the Arab ministers have reached understandings over the majority of relative issues," he stated.

Al-Shimali went on to say that "some countries have certain reservations about some tariff exemption and duty cuts proposals despite the fact that they already apply these measures through agreements with other non-Arab countries. I believe these facilities had to be given to Arab countries first." He disclosed that the Arab finance minister will hold a meeting shortly to prepare for the upcoming Arab Summit in Doha late March.

Al-Shimali pointed out that Kuwait's vision in the economic and social files is to enhance Arab youth's contribution to national economies, citing HH the Amir Sheikh Sabah Al-Ahmad Al-Sabah's initiative in the Arab Economic Summit in 2009 to launch a fund to finance Small and Medium Enterprises in the Arab countries.

He said that the fund, which Kuwait launched with a USD 500-million contribution, is being run by the Arab Fund for Economic and Social Development and has already started financing various projects in many Arab states.

The Minister urged all Arab countries to join the fund to benefit from its various services.

Al-Shimali reiterated Kuwait's eagerness to participate in Arab meetings and events to help bolster pan-Arab cooperation.

The meeting has tackled a wide array of key issues relative to the Arab economic, commercial and social integration such as food security, the joint electric network, the Arab free-trade zone and the joint customs union, preparations for the upcoming economic and social meeting at the summit and following up implementation for resolution passed in the previous summits held in Riyadh (2013), Sharm El-Sheikh (2011) and Kuwait (2009).