Council of Arab Economic Unity
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Council of Arab Economic Unity
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.PNG)
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Arab League and candidate GAFTA member
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| Administrative center |  Cairo, Egypt |
| Official language | Arabic |
| Type | Trade bloc |
| Membership |
4 candidates
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| Establishment | 3 June 1957 |
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• GAFTA signed
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1 January 1998 |
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• GAFTA in force
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1 January 2005 |
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Website
[1] |
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The Council of Arab Economic Unity (CAEU) was founded by Egypt, Iraq, Jordan, Kuwait, Libya, Mauritania, Palestine, Saudi Arabia, Sudan, Tunisia, Syria, United Arab Emirates and Yemen on May 30, 1964, following an agreement in 1957 by the Economic Council of the Arab League.
According to The Economic Unity Agreement approved on June 3, 1957, the Council of Arab Economic Unity desires to "Organize and consolidate economic relations among the States of the Arab League on bases that are consistent with the natural and historical links among them; and to provide the best conditions for flourishing their economies, developing their resources and ensuring the prosperity of their countries." The bases of economic relations between states in the Council of Arab Economic Unity are outlined in Chapter 1, Articles 1 and 2 of The Economic Unity Agreement:
Article 1
Article 1 delineates each member state's rights to:
Article 2
Article 2 behooves the signatories of The Economic Unity Agreement to work towards the objectives specified in Article 1 by:
"The Agadir Agreement" for the establishment of a free trade zone between the Arab Mediterranean Nations was signed in Rabat, Morocco on 25 February 2004. The agreement aimed at establishing free trade between Jordan, Tunisia, Egypt and Morocco which was seen as a first potential step in the formation of the Euro-Mediterranean free trade area as envisaged in the Barcelona Process. All members of the Agadir Agreement have since joined the "Greater Arab Free Trade Area", effectively superseding the agreement.
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Wikipedia