Referring The {Arab Economic Unity} Agreement To Parliament To Cancel It, 22 JULY

 Iraq 07/21/2024  Baghdad: Huda Al-Azzawi   The Council of Ministers recently approved the cancellation of the Arab Economic Unity Agreement signed on June 3, 1963 and referred to the House of Representatives.

 This agreement, which failed at the time, was considered one of the most important steps towards achieving economic integration between Arab countries, whether in establishing a common Arab market or liberalizing exchange. Trade, as well as encouraging investment among member states, and one of its most prominent items is the establishment of a Council for Arab Economic Unity.

 Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, indicated in an interview with “Al-Sabah” that

 “although more than sixty years have passed since the signing of the Arab Economic Unity Agreement, it has faced great difficulties in achieving the principles of minimum steps toward Complete economic unity among the member countries,” noting that

 a number of Arab countries did not join that agreement that was announced in 1963 due to issues related to their economic policies or their vision for economic integration among the member countries, including the Kingdom of Saudi Arabia, Oman, Bahrain, the United Arab Emirates, Qatar, and others. 

He stressed, "In light of the above, it has become futile to commit to a restricted regional economic organization that has not provided anything real for joint Arab action for six decades."

 For his part, the specialist in development and financial affairs, Dr. Aqeel Jabr Ali Al-Muhammadawi, said in an interview with “Al-Sabah”:

 “We must carefully examine the

      essence of the content of the agreement, and be exposed to the

      challenges expected from the loss of the characteristics of exercising freedom of trade, transportation services, production and industry requirements, and the

     enjoyment of the five freedoms ( The freedom of movement of people and capital and the freedom to exchange goods and products) and others, as well as looking at the

  agreement to facilitate and develop Arab trade exchange, which links the commercial, productive, service and financial aspects, and the

      unified Arab investment agreement, and the

      corresponding restriction of the work of Arab organizations, councils and unions specialized in the fields of economics, development and education.

  And others, falling under the umbrella of economic unity Arabic". 

He pointed out, "The importance of developing and maturing this agreement and activating the decisions issued with countries that share characteristics, economic and social environment, and some legislation and constitutions.

Development aims to satisfy the basic needs of citizens and raise their standard of living, and share the goal of building and consolidating an economic base and freedom of trade exchange with a high level of productivity."

 Quantitatively and qualitatively, in addition to increasing their ability to compete as components and an initial structural model for entry that facilitates engagement in global free trade agreements, as understood from another point of view is anticipating the future economic and trade effects of the parties continuing with the exit of some countries and the parties not continuing with the Economic Unity Agreement, and in accordance with the text of Article 19 of this agreement, withdrawal may be made during the five-year transitional period Years".  Al-Muhammadawi suggested,

  “Discussing mechanisms for engaging in the common Arab economic market on the basis of common interests and benefits and how to build competitive standards for the Iraqi market, and benefiting from the experience of the successful joint economic integration of the Eurasian countries, the economic integration of the East Asian countries, and the model of economic and geopolitical integration of the BRICS bloc.”      https://alsabaah.iq/99661-.html