Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

GCC customs union set for January 1  Join our daily free Newsletter

MENAFN - Khaleej Times - 08/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Gcc ministers agree to resolve roadblocks particularly on revenue sharing

the energy-rich gulf states agreed on wednesday to resolve hurdles obstructing implementation of a long-delayed customs union particularly revenue sharing kuwait’s finance minister said.

leaders of the six-nation gcc have set january 1 to implement the customs union first launched in 2003 and delayed on several occasions to resolve hurdles.

obaid humaid al tayer uae minister of state for financial affairs at the meeting of ccc finance ministers in kuwait city on wednesday. — afp

anas al saleh said after a day-long meeting of finance ministers that there had been agreement on all points of the agenda including on the mechanism for distributing customs revenues which has been the biggest hurdle.

he told reporters the gcc secretariat has been asked to “conduct studies to make the mechanism clearer”.

those studies and related issues will be reviewed by the ministers at a meeting in kuwait city in september added al saleh whose country currently holds the gcc’s rotating presidency.

the gulf states unified their customs tariff at five per cent over a decade ago but their steps toward union have been very slow.

ministers also discussed completing requirements for their common market and monetary union both of which have been rescheduled a number of times. at the meeting’s opening al saleh called on members to make concessions “in order to reach an agreed formula that guarantees the rights of all [gulf] states”. the gcc countries “should unite their views and give concessions to eliminate things which hinder gulf economic work” al saleh told the meeting.

he urged the completion of requirements for the customs union “particularly... distribution of customs revenues protection of local agents and protectionism for some goods”.

for his part gcc secretary-general abdullatif al zayani urged members to facilitate free movement of national and foreign goods to allow the january deadline to be met.

when the customs union was launched at the start of 2003 full implementation was envisaged within three years. but questions over revenues dumping and protectionism have caused repeated delays.

a 2010 deadline came and went when the energy-rich bloc failed to agree on the sharing of tariff revenues and experienced difficulties in meeting world trade organisation rules.


 


Khaleej Times




  MENA News Headlines
 Jun 3 2015 - Palestinian Farmer Injured By Israeli Army Fire in GazaQatar News Agency
(MENAFN - QNA) Israeli soldiers opened fire, on Wednesday morning, on a number of Palestinian farmers in their own lands, east of Khuza’a town, east of the southern Gaza Strip city of Khan ...

 Jun 3 2015 - Ashrawi Calls for Just Solution to Palestine Refugees PlightQatar News Agency
(MENAFN - QNA) PLO executive committee member Hanan Ashrawi affirmed the necessity that the Palestinian people should exercise their inalienable rights , including a just solution to the plight of ...

 Jun 3 2015 - Cabinet appoints Jabbour TRC president, Jawarneh as envoy to UzbekistanJordan News Agency
(MENAFN - Jordan News Agency) A cabinet session chaired by Prime Minister Abdullah Ensour, Wednesday decided to appoint Ghazi Jabbour as president of the Telecommunications Regulatory Commission ...

 Jun 3 2015 - Armed Forces General Command starts implementation of recruitment programJordan News Agency
(MENAFN - Jordan News Agency) The General Command of the Jordan Armed Forces-Arab Army started the implementation of His Majesty King Abdullah II's directives on Fursan Al Mustaqbal (Knighs of the ...

 Jun 3 2015 - 136 Syrian refugees cross into KingdomJordan News Agency
(MENAFN - Jordan News Agency) Jordan Armed Forces' border guards received 136 Syrian refugees in the last 72 hours, a source at the General Command of the Armed Forces reported on Wednesday.The new ...

 Jun 3 2015 - Gov't Spokesperson to hold press conference todayJordan News Agency
(MENAFN - Jordan News Agency) Minister of State for Media Affairs and Government Spokesperson, Mohammad Momani, will hold a press conference today at 4 pm at the Prime Ministry. ...

 Jun 3 2015 - Dana Gas, BP sign participation agreementDaily News Egypt
(MENAFN - Daily News Egypt) Dana Gas and British Petroleum (BP) signed a participation agreement, where BP will conduct the drilling of a first exploration well in the El-Matariya onshore Concession ...

 Jun 3 2015 - 1m tonne increase in Egyptian wheat production: Grain Industry ChamberDaily News Egypt
(MENAFN - Daily News Egypt) The decline in imported wheat this year came as a result of the abundant supply of wheat by farmers compared to the last year, according to Tarek Hassanein, head of the ...

 Jun 3 2015 - Arabian Cement's net profit declines 52% despite 11% revenue increaseDaily News Egypt
(MENAFN - Daily News Egypt) Leading cement producer Arabian Cement recorded an 11% increase in revenues of EGP 585m, during the first quarter (Q1)of 2015, compared to the same quarter last year. ...

 Jun 3 2015 - COMESA activation promotes Egyptian pharmaceutical exports to Africa: El-EzabiDaily News Egypt
(MENAFN - Daily News Egypt) Activating the three African economic blocs will develop and promote Egyptian pharmaceutical exports to Africa, according to Ahmed El-Ezabi, Head of the Pharmaceutical ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help