Muscat: The Ministry of Economy on Monday highlighted the prominent features of the agreement to facilitate and develop trade exchange between Arab countries, known as the Greater Arab Free Trade Area (GAFTA).
The agreement, which was approved within the framework of the League of Arab States in 1978 and has gradually entered into force since 1998, aims to create a major Arab free trade area by eliminating customs duties and non-customs restrictions on Arab goods traded between member states, almost 100% on most agricultural and industrial goods.
The agreement focuses on removing barriers, eliminating administrative, financial, technical, quantitative, and qualitative restrictions that impede trade.
It calls for gradually eliminating customs duties on traded Arab goods, while granting preferential treatment to Arab products and granting protection to Arab goods in the face of competition from non-Arab goods.
The ministry affirmed that the agreement represents one of the pillars of joint Arab economic action, as it contributes to strengthening economic integration, facilitating the flow of goods, and supporting sustainable development among Arab countries.
Oman Observer is now on the WhatsApp channel. Click here
