Mobilizing economies of Arab states Yemen can be a key partner in globalization [Archives:2002/49/Business & Economy]

BY YEMEN TIMES STAFF
Yemen is qualified to play an important role in supporting the Arab economic objective of dealing with challenges of globalization of the economy. It has a strategic position, possesses human labor power and has fertile arable land, mineral wealth and huge reserves of natural gas.
Added to those elements is that Yemen constitutes a good market and provides vital opportunities for Arab investors. Given the above elements and factors, Yemen can play at a significant role in the economic integration with the Gulf Cooperation Council (GCC) states to attain the Arab regional grouping capable of accomplishing joint economic interests and serving the nation’s ambitions.
Terms of partnership
Terms and bases necessary for establishment of an economic partnership between Yemen and other Arab counties are available in areas of:
-commercial partnerships for exchanging domestic products and imported goods,
– the private sector for bearing its responsibility for economic development and expanding its Arab domain partnership to increase products that are for exportation,
– reconsidering bilateral economic agreements concluded between Yemen and Arab countries, taking into account Arab economic circumstances and challenges of globalization,
-reactivating tourism according to the new developments that took place after events of 11 September in the U.S., and the need to reorganization of Arab tourist markets, encourage tourist agencies to establish Arab partnerships and prepare feasibility studies of Arab investments in tourism, and implementation of projects by the private sector.
Financial and customs measures
For scoring success by Yemen and Arab countries in enhancing the Arab economic grouping, there is a need for taking financial and custom measures under which prices of customs duties get unified under the Arab Free Zone scheduled in 2007.
Also, Arab countries need to reconsider activities of their banks and to work for unification of traditional and Islamic banking systems legislation.
More important in this field is the embarking on implementation of financial steps leading to issue a unified Arab currency. Unifying Arab currency would facilitate and speed up Arab grouping towards economic incorporation and achievement of the goals of the Arab economic integration in various fields.
Yemen’s continued efforts for merging with the GCC economies have represented a mature regional vision, as it is useless for the Arab countries to remain separated and weak under changing world circumstances.
Yemen and some Arab countries have taken serious steps for reforming their economic structures and enabling the private sector to take the lead of some work sectors and carrying out investment projects formerly were restricted to the state. Such a trend would develop the role of the Arab capitals in the establishment of regional partnership.
It is unfair that inter-Arab trade continue to be at the level of 10% of the total Arab foreign trade. Yemen and the Arab countries have an opportunity to reconsider their commercial policies and to deal positively within their regions.
Yemen and other Arab countries possess all constituents of building a great economic grouping capable of facing and dealing with world economic variables.

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