05 August 2021 03:09 AM

Egypt reaffirms support to Council of Arab Economic Unity

Friday، 18 June 2021 - 07:07 PM

Minister of International Cooperation Rania Mashat on Friday reaffirmed Egypt's support to the role of the Council of Arab Economic Unity in advancing Arab economic integration in both trade and investment aspects, by facilitating the movement of inter-trade, capital and labour among Arab countries.

Receiving the newly-appointed secretary general of the council Muhammadi Ahmed, the minister reviewed means of cooperation between the Ministry of International Cooperation and the General Secretariat of the council.

Amed has assumed his duties as the new secretary general of the council since June, during the 111th session held in Cairo.

The meeting tackled ways to develop the council’s role, performance, and mechanisms.

Mashat said the council needs to focus on exploring the necessary means to increase the effectiveness of member states, pushing towards an Arab economic integration.

The Arab Marketing Agency and the Arab Court of Arbitration are recently developed by the council, with the sole focus on settling economic disputes within the Arab federations to ease their work and facilitate the development work in the area, aspiring for regional economic growth, Ahmed said.

The Council of Arab Economic Unity was initially established as a specialized Arab regional organization in 1964 with its permanent headquarters in Cairo.

Under Article 3 of the council, it aims to organize and consolidate economic relations between Arab countries based on compatibility through natural and historical ties.

The council also aims to secure the best conditions for economic prosperity. The importance of these efforts lies in the need to strengthen economic unity among Arab countries by creating economic integration and by supporting countries in facing economic challenges regionally and internationally.

MENA


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