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The Arab Common Market (ACM) was founded in August 1964 on the basis of a resolution passed by the Council of Arab Economic Unity (CAEU), an organization that the Economic Council of the Arab League had established in 1957. The ACM is not an independent organization and its implementation was overseen by the CAEU. In 1999 Egypt, Iraq, Jordan, Libya, Mauritania, Syria, and Yemen belonged to the ACM.

The long-term goal of the ACM was to establish a full customs union that would abolish—amongst its members—trade restrictions, trade quotas, and restrictions on residence, employment, labor, and transportation. Since its founding the ACM has fallen short of this goal. The ACM was successful, however, in eliminating some customs duties and taxes in gradual stages between 1965 and 1971. Between 1978 and 1989 the CAEU, in support of the ACM, adopted measures to relax...