(MENAFN- Kuwait News Agency (KUNA)) The Arab and Turkish economy ministers agreed here on Monday on the need to take all required measures to upgrade economic, trade and investment relations.
At the conclusion of the 2nd Arab-Turkish Economy Ministers' meeting, held here, the ministers called for the formation of joint technical committees, the development of effective plans of action to increase trade and investment exchange.
They agreed on greater cooperation to enhance competitiveness of the products of Turkey and Arab countries on the international market, reads the final communique, the communique stated.
It unveiled that the Turkish delegation has encouraged Arab countries to join the Standards and Metrology Institute for the Islamic Countries (SMIIC), as a sound mechanism for harmonization of standards among the Organisation of Islamic Cooperation(OIC) countries and for eliminating technical barriers to trade exchange.
The conferees welcomed the opening of communications channels between the Arab Economic and Social Affairs Council, relevant Arab agencies and Turkish counterparts.
They also agreed on conducting a study on the possibility of establishing a free trade zones between Turkey and Arab countries. The Turkish delegation welcomed several Arab countries signing of the Organization of Islamic Cooperation (OIC) trade preferential tariff scheme protocol, added that statement.
The Ministers decided to hold a conference in the second half of this year to debate opportunities for cooperation with Turkey with regard to the intellectual property rights.
They asked investment promotion agencies in all participating countries to take the initiative to ameliorate investment cooperation and launch joint ventures.
The Arab side welcomed Turkish delegation's announcement about the readiness to offer all technical help and to transfer the know-how to Arab countries, especially in the privatization programs.
The conferees agreed on holding the coming session of the Arab-Turkish Ministers Meeting in Turkey in the first quarter of 2017, it concluded.
The meeting, held under the patronage of His Highness the Premier Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, was inaugurated earlier Monday by Acting Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah.
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