Creation
The idea for an economic union of the Maghreb began with the independence of Tunisia and Morocco in 1956. It was not until thirty years later, though, that five Maghreb states - Algeria, Libya, Mauritania, Morocco, and Tunisia - met for the first Maghreb summit. The following year, in 1989, the agreement was signed by all member nations. According to the Constitutive Act, its aim is to guarantee cooperation “with similar regional institutions... take part in the enrichment of the international dialogue... reinforce the independence of the member states and... safeguard... their assets....” Strategic relevance of the region is based on the fact that, collectively, it boasts large phosphate, oil, and gas and it is a transit centre to southern Europe. The success of the Union would, therefore be economically important.
Read more about this topic: Arab Maghreb Union
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