Yemen’s vision on reforming Arab Order, Backs Arab economic integration, encourages private sector partnership [Archives:2003/664/Business & Economy]

September 1 2003

Yemen has given the economic question a special importance in its initiative dispatched to Arab leaders on the development of the Joint Arab Action and the establishment of an Arab Union to replace the Arab League.
The Yemeni vision has given prominence to Arab economic integration an introduction to political unification and he realisation of the goals of sustainable development. Yemen's perception of the whole issue also includes encouragement of the Arab private sector for laying the foundation for a genuine partnership among the member states of the new union.
Yemen has demanded the drawing up of policies and timetables leading to the establishment of an Arab free trade zone in the process of attaining the formation of Arab Common Market.

It has set up certain mechanisms for pushing forward the Arab economic relations summed up in:
– the establishment of tribunal body for settling disputes by arbitration and reconciliation,
– the creation of a fund for supporting and developing the union, qualification of Arab states for the realisation of rapprochement in the field of economic and technical advancement,
– establishment of a bank for union development undertaking funding of integrating projects and joint investment for the achievement of the Arab common market,
– formation of a ministerial council for the ministers of finance, development and economy and trade bearing the name of the Economic Council. It is entrusted with drawing up plans and programs for creating a climate convenient for an integrated Arab economic action.
Thus the Yemeni initiative for reforming the Arab situation has taken into consideration the efforts for encouragement of international cooperation between the union member states and other economic groupings.
the Yemeni project has also proposed the necessity of raising the living standard of the people in the Arab countries and the coordination of joint efforts in the manner realizing the objectives of the monetary integration as one bloc with the purpose of keeping pace with international economic developments.
the Yemeni perception in the economic area is considered as achievable for increasing the volume of Arab cooperation and the establishment of a new economic grouping in the region for facing the current of globalization.