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Refer the {Arab Economic Unity} agreement to Parliament for cancellation
Iraq 07/21/2024
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The Council of Ministers recently approved the cancellation of the Arab Economic Unity Agreement signed on June 3, 1963, which was 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 trade exchange, in addition to encouraging investment between member states. One of its most prominent provisions is the establishment of a council for Arab economic unity.
The Prime Minister's Advisor for Financial and Economic Affairs, Dr. Mazhar Mohammed Saleh, pointed out in an interview with "Al-Sabah" that "despite the passage of more than sixty years since the signing of the Arab Economic Unity Agreement, it has encountered great difficulties in achieving the principles of the minimum steps towards complete economic unity between the member states," noting that a number of Arab countries have not joined that agreement, which was announced in 1963, due to issues related to their economic policies or their vision for economic integration between the member states, including the Kingdom of Saudi Arabia, Oman, Bahrain, the United Arab Emirates, Qatar and others."
He stressed that, "In light of the above, it has become useless to adhere to a restrictive regional economic organization that has not provided anything real for joint Arab action for six decades."
For his part, Dr. Aqil Jabr Ali Al-Muhammadi, a specialist in development and financial affairs, said in an interview with Al-Sabah: “We should consider the essence of the content of the agreement, and address the expected challenges of losing the characteristics of practicing freedom of trade, transportation services, production and industrial requirements, and enjoying the five freedoms (freedom of movement of persons and capital, freedom of exchange of goods and products) and others, as well as looking at the agreement to facilitate and develop Arab trade exchange that links the commercial, production, service and financial aspects, and the unified Arab investment agreement, and what corresponds to it in terms of restricting the work of Arab organizations, councils and unions specialized in economic, development, education and other fields, which fall 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, some legislation and constitutions, and target development in satisfying the basic needs of citizens and raising 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 in quantity and quality, 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 to exit some countries and the parties not continuing with the Economic Unity Agreement, and according to the text of Article 19 of this agreement, withdrawal may be permitted during the transitional period of five
Years".
Al-Muhammadawi suggested, "discussing the mechanisms for engaging in the Arab Common Economic Market based on common interests and benefits, and how to build competitive standards for the Iraqi market, and benefit from the experience of the successful joint economic integration of the Eurasian countries, the economic integration of the East Asian countries, and the economic and geopolitical integration model of the BRICS bloc."
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