GCC to discuss renewed Customs Union

27/08/2010 - Dubai Investment News
GCC to discuss renewed Customs Union

Posted by Neil King

Officials from the Gulf Cooperation Council (GCC) member states are due to meet in Jeddah, Saudi Arabia next week to discuss the full implementation of the GCC Customs Union.

The union, which was established in 2003 to oversee cross-border trade, has encountered various problems in recent years. According to Gulf News, ministers hope that a renewed agreement on the body will be in place by early next year.

GCC secretary-general Abdul Rahman Al Attiyah said the meeting would discuss mechanisms for collecting and distributing customs revenues, as well as standardising customs tariffs and other related subjects.

"The union will enable the free movement of goods among the six GCC states without any restrictions," he said.

As Gulf News observed, next week's meeting comes ahead of the GCC summit in Abu Dhabi later this year.

The establishment of the GCC Customs Union was followed by the launch of a Common Market in 2008 and a Monetary Council in 2009.
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