Minister of Industry Yahya al-Mutawakil regarded the Great Arab Free
Trade Zone (GAFTZ) as one of the major future strategic accomplishments
at the level of Arab joint economic work that seek to set up an Arab
joint market,
making it clear that Yemen is working to finalize procedures to merge with the GAFTZ. "Yemen is in the way to join the GAFTZ," he said.
Al-Mutawakil pointed out that Yemen joined a number of Arab bilateral and multiparty agreements in order to get exposed to economies of other countries and reinforce its commercial ties with them as well.
Yemen was given a special privilege to gradually exempt importers from customs during 2005-2010 to make it free of customs, the minister said, adding that application percentage of customs exemption reached,up to the beginning of 2007, 48%.
"The Secretariat General of the Arab League would extend technical support to Yemen so as to strengthen role of the GAFTZ in the country," al-Mutawakil said. He gave notice that a GAFTZ official is scheduled to come to Yemen to discuss support areas
The minister explained that joining the GAFTZ would realize a number of objectives. Most importantly, exporting Yemeni exports to the Arab markets and improving local products, in addition to paving the way for business people to invest in Yemen.
The Arab Economic and Social Council approved on February 19, 1997 an executive program to establish the GAFTZ in ten years to be started from January 1998.