Greater Arab free trade Higher hydrocarbon prices boost surplus

5 p e rce n t in 2 0 1 0 it is h a rd to a ttrib u te

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Unformatted text preview: e ir to ta l g lo b a l tra d e in 1 9 9 7 to 1 1 .5 p e rce n t in 2 0 1 0 . It is h a rd to a ttrib u te th is imp ro ve me n t to GAFTA a s th e in tra -re g io n a l s h a re w a s a lre a d y ris in g p rio r its imp le me n ta tio n , s u g g e s tin g o th e r fa cto rs co u ld b e a t p la y, s u ch a s imp ro ve me n ts in re g io n a l in fra s tru ctu re , g e n e ra l e co n o mic d e ve lo p me n t a n d o th e r tra d e a g re e me n ts . Sin ce 2 0 1 0 , th e in tra -re g io n a l s h a re h a s fa lle n to 1 0 .7 p e rce n t in 2 0 1 2 , a s a co n s e q u e n ce o f s tro n g g ro w th in h yd ro ca rb o n e xp o rts , w h ich ma in ly g o to co u n trie s o u ts id e GAFTA. No n e th e le s s , GAFTA d o e s h a ve th e p o te n tia l to b o o s t e co n o mic in te g ra tio n o n ce it is fu lly imp le me n te d w ith th e fu rth e r re d u ctio n o f cu s to ms d u tie s a n d o th e r b a rrie rs to tra d e . It w a s h o p e d th a t a fin a l a g re e me n t o n a u n ifie d cu s to ms re g ime co u ld b e re a ch e d a t th e Ara b Su mmit in Do h a in Ma rch 2 0 1 3 , cle a rin g th e w a y fo r th e fu ll imp le me n ta tio n o f a g e n u in e fre e tra d e z o n e b y 2 0 1 5 . A p ro p o s a l fo r s u ch a n a g re e me n t w a s co mp le te d b y th e Ara b E co n o mic a n d So cia l C o u n cil a n d ju s t re q u ire d th e a p p ro va l o f Ara b le a d e rs . Ho w e ve r, o th e r re g io n a l is s u e s d o min a te d p ro ce e d in g s a t th e s u mmit, le a d in g to a p o s s ib le d e la y in th e fu ll imp le me n ta tio n o f th e fre e tra d e a g re e me n t. Ara b in tra -re g io n a l...
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