Egypt and Jordan signed on Thursday the agreement on the liberalization of trade in services between Arab countries on the sidelines of the opening session of the Economic and Social Council at the preparatory level of the Council of the Arab League at the level of the 29th regular summit.
This brings the number of signatories to ten Arab countries: Egypt, Saudi Arabia, UAE, Qatar, Oman, Morocco, Lebanon, Sudan, Yemen and Jordan.
This agreement will enter into force after ratification by three Arab countries.
The Assistant Secretary-General for Economic Affairs of the Arab League, Ambassador Kamal Hassan Ali, said the importance of the agreement was to complete the liberalization of trade in services in the framework of the Greater Arab Free Trade Area after the completion of the liberalization of trade in goods.
He added that the agreement aims to open the field of investment in specific service sectors to investors from the member countries of the Convention so that investors from Member States have the right to invest in service sectors.
The agreement aims to liberalize trade in services among Arab countries on a gradual basis after 12 years of negotiations called the “Beirut Round,” indicating that the agreement seeks to promote the interests of the parties on the basis of mutual benefit and balance between rights and duties, In this regard and taking into consideration the situation of the least developed Arab countries.