The Arab Economic Unity Council, the driving force behind the Arab Common Market, may collapse soon, reported the Gulf News on Sunday.
Reason for the collapse is “a financial crunch caused by a reduction in its budget, non-payment of dues by some members and the pullout of Kuwait and the UAE,” an official told the paper.
Officials at UAE’s ministry of economy confirmed the withdrawal, but refused to explain the reason when contacted by the paper.
Kuwaiti officials were unavailable for comment, the paper added.
"The council is dying. It will die if it does not receive support from Arab countries," said Zuhair Fakhouri, the council's financial consultant.
He said the UAE informed the council of its withdrawal at the end of 1999, and it left last year.
Kuwait informed the council about its intended pull out and left it in 1991.
"No reasons were given for the pull-outs. Efforts were exerted to bring back UAE and Kuwait," said Fakhouri.
The council was formed in 1963 by Jordan, Yemen, Sudan, Iraq, Morocco, Saudi Arabia, Syria, Egypt, Lebanon, Libya, and Kuwait, with the UAE joining in June, 1974.
It is responsible for implementation of economic unification agreement along with the Arab Common Market and free movement of goods, citizens and capital – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
