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The Arab Customs Union is a customs union announced at the Arab League's 2009 Arab Economic and Social Development Summit in Kuwait in order to achieve a functional customs union by 2015 and an Arab common market by 2020 and to increase inter-Arab trade and integration. [1]
A free trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and services with each other.
"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. [3] [4] 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.
A customs union is generally defined as a type of trade bloc which is composed of a free trade area with a common external tariff. [ 1 ] Customs unions are established through trade pacts where the participant countries set up common external trade policy (in some cases they use different import quotas ).
The Greater Arab Free Trade Area, founded in 1997, is the league's free trade area which removed customs taxes on 65% of trade between counties in the Arab World. Members of the Arab League are among the richest and poorest of the world, and there is a great disparity in the economic development of members of the league.
A free trade area is basically a preferential trade area with increased depth and scope of tariffs reduction. All free trade areas, customs unions, common markets, economic unions, customs and monetary unions and economic and monetary unions are considered advanced forms of a PTA, but these are not listed below.
The Euro-Mediterranean Free Trade Area and its Impact on the Economies Involved, by Nicola Minasi, Rome, no date. Consulted 4 September 2010. THE EUROMEDITERRANEAN FREE TRADE AREA: FROM COMPETITION TO INTEGRATION Archived 27 February 2012 at the Wayback Machine, by Alejandro Lorca and Gonzalo Escribano, Madrid, no date. Consulted 4 September 2010.
The U.S.–MEFTA initiative started in 2003 with the purpose of creating a U.S.–Middle East Free Trade Area by 2013.. The U.S. objective with this initiative has been to gradually increase trade and investment in the Middle East, and to assist the Middle East countries in implementing domestic reforms, instituting the rule of law, protecting private property rights (including intellectual ...