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
 Nov 29 2014 - Lebanese 'giant of poetry' Said Aql dead at 102The Peninsula
(MENAFN - The Peninsula) Lebanese poet Said Aql, whose work was loved by Arab readers but who hated Arabism so much that he invented a latinised version of the Lebanese dialect, died yesterday aged ...

 Nov 29 2014 - Qatar- FIA Prize-giving ceremony to be held in new formatThe Peninsula
(MENAFN - The Peninsula) The prestigious annual FIA Prize-giving ceremony, which honours the achievements of all FIA champions over the past season, will be held here on December 5. This year's ...

 Nov 29 2014 - US- Eagles, Seahawks, Lions dominate on ThanksgivingThe Peninsula
(MENAFN - The Peninsula) Mark Sanchez threw for one touchdown and ran for another and the Philadelphia Eagles seized sole possession of first place with a 33-10 rout of the Dallas Cowboys on ...

 Nov 29 2014 - Tunisia- Anti-Israel protestThe Peninsula
(MENAFN - The Peninsula) Tunisian protesters burn Israeli flag during a rally to show their solidarity with Palestinians, in Tunis, yesterday. ...

 Nov 29 2014 - Bahrian- Show of solidarityThe Peninsula
(MENAFN - The Peninsula) Leading Shia clergyman Seyyed Mohammed AlGuraifi addressing crowds at an event expressing solidarity with Ayatollah Sheikh Isa Qassim (not pictured), Bahrain's top Shia ...

 Nov 29 2014 - Egypt crackdown adds to Gaza woesThe Peninsula
(MENAFN - The Peninsula) Already struggling under the weight of an Israeli blockade, Gazans are now feeling the effects of an Egyptian exclusion zone along their shared border that has sent prices ...

 Nov 29 2014 - Qatar- School celebrates Annual DayThe Peninsula
(MENAFN - The Peninsula) K C Abdul Latheef (left), President, Managing Committee, Shantiniketan Indian School, presents a memento to Dr Abdul Salam Ahmed, Managing Director, Media One, in the ...

 Nov 29 2014 - Qatar- Seasonal yards reopen on ThursdayThe Peninsula
(MENAFN - The Peninsula) Fresh vegetables will be available at prices 40 to 50 percent less than the market rates at the seasonal yards.The yards will sell vegetables, fruit, chicken, fish and ...

 Nov 29 2014 - Qatar- Qafco organises seat belt campaignThe Peninsula
(MENAFN - The Peninsula) Qafco, in association with Mesaieed Industrial City, conducted a safe driving campaign to increase awareness about the use of the seat belt.Khalifa A Al Sowaidi, CEO, Qafco, ...

 Nov 29 2014 - Qatar- 25 artists display their worksThe Peninsula
(MENAFN - The Peninsula) Twenty-five artists from various backgrounds showcased a rich and diverse array of their works at Katara Art Studios Outdoor Art Market held yesterday at Katara ...

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