Economy of the Arab League

The GAFTA - Greater Arab Free Trade Area (Arabic منطقة التجارة العربية الحرة الكبرى, DMG Manṭiqatu 't - tigara ' l- ʿ arabiyya al -Hurra 'l- Kubra, National Arab free trade zone ') - is based on a free trade agreement between the countries of the Arabian League, starting on 1 January 2005.

The Free Trade Zone was established in 1997 by 14 of the 22 member states of the Arab League (notably Egypt, Bahrain, Iraq, Qatar, Kuwait, Lebanon, Libya, Morocco, Oman, Saudi Arabia, Sudan, Syria, Tunisia and the United Arab Emirates ) on a founded meeting in Amman and the Arab League has since been promoted by the Economic and Social Council. The establishment of GAFTA followed the adoption of an " Agreement for facilitating and developing trade of the Arab states themselves " (Agreement of 27 February 1981 Tunis ) through which the " GAFTA agreement " ( Decision No. 1317 paragraph 59 of the Economic - and Social Council of the Arab League was approved on 19 February 1997) at a meeting in Amman in 1997 by 17 member states of the Arab League. Per Presidential Algeria moved in 2004 after and was received with some delay in 2009 in the GAFTA.

An essential part of the Agreement was the continuous lowering of tariffs between states of the Arab League, the duties were lowered 10 % per year. Particular attention was paid to the reduction of duty on products which are originally produced in the Arab world.

A milestone in the Agadir Agreement between Jordan, Tunisia, Egypt and Morocco on 25 February 2004 ( decided in Rabat, Morocco) for the broader provisions in the GAFTA exist exceptions.

The GAFTA Economic Area counts with 280 million inhabitants and a gathered GNP of 1.3 trillion U.S. dollars (based on 2004), the largest free trade zones around the world. The trading volume of GAFTA encloses 96 % of trade within the Arab League, and 95 % of the common foreign trade. The GAFTA provides important prerequisites for a Euro - Mediterranean Free Trade Area ( EMFZ ) ready, as is sought in the context of the European Neighbourhood Policy in 2010. The Arab League, meanwhile, decided by 2015 to expand the Agadir Agreement to all 22 Member States and to make 2025 a common economic space ( with central administration ).

Current member states are Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, United Arab Emirates and Yemen.

Candidate countries: Comoros, Djibouti, Mauritania and Somalia.