Greater Arab Free Trade Area, sometimes called Pan-Arab Free Trade Area or simply Arab Free Trade Area (especially in French)
The full implementation of the Greater Arab Free Trade Area (Gafta) has the potential of achieving greater economic integration, QNB has said in an analysis.
Arab leaders are to approve a customs union - the first step to a common market - as well as a power grid and a rail network at their first economic summit in Kuwait, it was revealed yesterday.
The General Union of Chambers of Commerce, Industry, and Agriculture for Arab Countries said Saturday that the first Arab economic summit slated to be held on Jan. 19-20 will be a serious step to boost efforts to establish an Arab economic bloc.
As a regional grouping, the Arab countries have shown great interest in fostering their economic cooperation and integration, but with relatively limited success. A fresh attempt in this direction is in the offing with the holding of an Arab Economic Summit in Kuwait on January 19-20.
Arab states should not pursue the process of establishing the greater trade zone "because it won’t be useful," an Arab League official says
Yemen lost $154m during 2005-2007 due to gradual reduction for customs and tax tariff within the agreement of the biggest Arab Free Trade Zone
The president of the Association of Lebanese Industrialists questions the fate of the Arab Free Trade Agreement ten years after its actual implementation.
"We do not need a free trade agreement with the UAE as there is already the Pan-Arab Free Trade Agreement (PAFTA), which we will implement," Prime Minister Dr Nadeef said. PAFTA is an agreement to establish a pan-Arab free trade area by 2008.
The World Economic Forum on the Middle East concluded in Egypt last month with the drawing up of a list of objectives aimed at driving the growth of the regional economy. In the wake of these talks one thing is clear; business in many sectors is booming and Egypt’s manufacturing industry is reaping the rewards of the Arab Free Trade Agreement (AFTA).
The Arab Agricultural Engineers Union on Monday convened its 16th technical conference to discuss "Agricultural Integration under the Establishment of Greater Arab Free Trade Zone." The zone, which came into effect in late 2005, includes 18 member states and represents 94 per cent of all Arab trade.
The Great Arab Free Trade Area Agreement (GAFTA) was enforced in January 2005 after a 7-year preparatory transition period. This is the first joint Arab economic action likely to help the Arab countries gain huge profits in line with the regulations of the WTO, the venue absorbing regional economic blocs. Most probably, the results in the first experimental year were not up to the expectations.
Arabs have been trying for decades to establish some sort of economic cooperation between them, but without much luck.