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Intra-regional trade and production healthy, says Council of Arab Economic Unity (CAEU)
Source: BI-ME , Author: BI-ME staff
Posted: Sat August 5, 2006 12:00 am
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INTERNATIONAL. The total production in the Arab countries in the 2005-2006 financial year crossed US$773 billion, about 2.2% of the world's production of US$32 trillion during the same period. The Cairo-based Council of Arab Economic Unity (CAEU) said in Arab exports of commodities reached US$303.2 billion last year, some 4.1% of the world's exports, while the imports of commodities recorded US$199 billion, representing 2.5% of world imports.

Arab world internal trade increased from US$27.0 billion in 1999 to US$45.5 billion in 2006, representing 8.2% of the total Arab foreign trade, the report said, adding it was a relatively constant percentage in the last few years.

The report said the Arab contribution in the world economy was humble, urging the Arab countries to achieve fully economic integration within the international market. CAEU was founded in 1964 to implement the Arabic Economic Unity Agreement among the states of the 22-member Arab League in 1957.

 

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