The Council of Arab Economic Unity (CAEU) was founded under the auspices of the Arab League's Economic Council in 1957, with its headquarters established in Cairo, Egypt. The inaugural meeting of the Council took place in 1964, signalling the start of a new era of Arab economic unity.
The Council comprises of several member states including Egypt, Palestine, Iraq, Somalia, Jordan, Sudan, Kuwait, Syria, Libya, United Arab Emirates, Mauritania, and Yemen. The structure of the Council consists of the Council itself, a General Secretariat, and various Committees. Together, they work towards achieving economic integration and unity among Arab countries.
One of the primary objectives of the Council is to facilitate the creation of a customs union under a unified administration. This is done through the coordination of various measures that are instrumental in fostering trade and economic cooperation among member states.
In addition, the Council also undertakes comprehensive market and commodity studies. These studies are crucial in understanding the economic landscape of the Arab region and in making informed decisions that can boost economic growth and development.
The Council is also responsible for assisting with the unification of statistical terminology and data collection methods. This is essential in ensuring the accuracy and reliability of data, which is the cornerstone of sound economic planning and policy-making.
Another important role of the Council is to conduct studies for the formation of new joint Arab companies and federations. These initiatives are aimed at promoting investment, enhancing competitiveness, and creating job opportunities in the Arab region.
Lastly, the Council also formulates specific programmes for agricultural and industrial coordination and for improving road and railway networks. These initiatives are aimed at promoting sustainable development and improving the quality of life for the people in the Arab region.
