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
 Oct 13 2015 - Iranian to carmaker to construct new factory in OmanMENAFN
(MENAFN) Oman has made a request for Iran Khodro Industrial Group (IKCO) to establish a manufacture site in the Sultanate.The site can and will deliver Iran Khodro with an easy access to markets deep ...

 Oct 13 2015 - British Petroleum to invest heavily in Middle EastMENAFN
(MENAFN) British Petroleum (BP), the British multinational oil company focusing on presenting technology developed in the US for shale fields and deploying it in the Middle East.The firm has stressed ...

 Oct 13 2015 - Merger and Acquisition activity plunges in MENAMENAFN
(MENAFN) The merger and acquisition (M&A) market in the Middle East and North African region has seen a slump recently, enduring the impact of the regional political turmoil and the economic ...

 Oct 13 2015 - Saudi Arabia It Will not Change Position on Syria, Foreign Minister SaysQatar News Agency
(MENAFN - Qatar News Agency) Foreign Minister of Saudi Arabia Adel bin Abdullah Al Jubair said Monday that his country's position on the crisis in Syria, particularly towards Bashar Al Assad. The ...

 Oct 13 2015 - Jordanian Chief of Staff Meets French Defense MinisterQatar News Agency
(MENAFN - Qatar News Agency) Chairman of the Joint Chiefs of Staff of the Jordanian Armed Forces General Mashal Mohammad Al-Zaben met here on Monday with French Defense Minister Jean-Yves Le Drian, ...

 Oct 13 2015 - Saudi King Denounces Political Exploitation of Mina IncidentQatar News Agency
(MENAFN - Qatar News Agency) Custodian of the Two Holly Mosques King Salman bin Abdulaziz Al Saud stressed that irresponsible statements aimed at political exploitation of pilgrims stampede incident ...

 Oct 13 2015 - Jordan Regent Meets US Senate Majority LeaderQatar News Agency
(MENAFN - Qatar News Agency) Jordan's Regent Prince Faisal Bin Al Hussein on Monday met with the US Senate majority leader Mitch McConnell and the accompanying delegation. During the meeting, they ...

 Oct 13 2015 - Palestinian President Meets Indian CounterpartQatar News Agency
(MENAFN - Qatar News Agency) Palestinian President Mahmoud Abbas on Monday met his Indian counterpart Pranab Mukherjee and the delegation accompanying him. During the meeting, Abbas stressed that the ...

 Oct 13 2015 - Kerry, Carter to Discuss Security and Trade with Australian CounterpartsQatar News Agency
(MENAFN - Qatar News Agency) US Secretary of State John Kerry and Secretary of Defense Ash Carter are meeting with their Australian counterparts in Boston to discuss security and trade ...

 Oct 13 2015 - Palestinian Ministry of Health : 27 Palestinians Killed, 1400 Injured and 400 Arrested in OctoberQatar News Agency
(MENAFN - Qatar News Agency) The Palestinian Ministry of Health (MOH) has reported that Israeli soldiers shot and killed 27 Palestinians, including three killed in Jerusalem on Monday, meanwhile more ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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