The CAEU inception

 

The CAEU was created in 1964 to implement the Arab Economic Unity Agreement (AEUA) form amongst the states of the Arab League in 1957 . the Arab Economic Unity Agreement (AEUA)  was ratified by 12 Countries : Egypt , Iraq , Jordan , Kuwait , Libya , Mauritania , Palestine , Somalia , Sudan , Syria and the two Yemenis , The CAEU functions and terms of reference are specified in the provision of this agreement . the AEUA stipulates the following rights on equal basis to the member states and their citizens :

 

·        Freedom of movements of individuals and capital .

·        Freedom of exchange of domestic and foreign goods .

·        Freedom of residence , work employment , and practicing economic activities .

·        Freedom of transport , transit , and civil airport facilities .

·        Freedom of ownership , bequeath and inheritance

 

 

The CAEU Objectives

 

The ultimate goal of the CAEU is to achieve complete economic unity among the member states. The objectives of the CAEU are

 

·        To formulate regulations , legislations , and tariffs , aiming at the creation of a unified Arab custom area .

·        To co-ordinate foreign trade policies with a view to ensuring the co-ordination of the region's economy vis-à-vis world economy .

·        To co-ordinate economic development and formulate programs for the attainment of joint Arab development project .

·        To co-ordinate policies related to agriculture , industry , and internal trade .

·        To co-ordinate financial and monetary policies with the aim of achieving monetary unity .

·        To co-ordinate legislations for taxes and duties.

·        To formulate unified regulations for transport and transit in the contracting countries.

·        To draft common legislations on labour and social security .

·        To prepare a budget for the CAEU council and its affiliated bodies.

 

 

The CAEU Organization

 

The CAEU consists of three principal components:

 

1.      The Council : which is the legislative instrument of the CAEU . In this Council each member state is represented on ministerial level .

2.      The permanent committees : their role is to prepare studies and technical work required by the council for decision making .

3.      The General Secretariat : which is responsible for the implementation and follow up of decisions taken by the Council , it also represents the Council at other Bodies.