Arab leaders pledged to remove obstacles to finalizing a free trade zone this year and agreed to facilitate capital flows, as they wrapped up the third Arab Economic and Social Development Summit yesterday.
"We stress our determination to complete all the prerequisites of (forming) the free trade zone before the end of this year," Arab League chief Nabil elaraby said.
The leaders, he added, were determined to clear obstacles to "achieve the Arab customs union fully by 2015".
The two-day summit organized by the Arab League was hosted by the Kingdom with Custodian of the Two Holy Mosques, King Abdullah, as its chairman.
Elaraby, who read out the Riyadh declaration, stressed the importance of the speedy implementation of all decisions passed at the two previous summits.
The leaders welcomed the initiative of King Abdullah on the increase of the capital of joint Arab funds by 50 percent to meet the growing needs for the socioeconomic development in the Arab countries.
They expressed a commitment to create a conducive environment for investment in their respective countries.
Finance Minister Ibrahim Al-Assaf said officials working to facilitate a customs union were struggling to sort out rules on the origin of goods.
"We still have problems with the issue of country of origin... in order to establish which goods are from Arab countries and the percentage of foreign components," he told reporters.
The leaders agreed to hold the next summit in Tunisia in 2015.
Arab News 23-01-13