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
 May 4 2015 - Saudi- Majlis Al-Shura: Custodian of the Two Holy Mosques Consolidates Saudi Ruling House Since Ascension to ThroneSaudi Press Agency
(MENAFN - Saudi Press Agency) Majlis Al-Shura has highly valued the selection by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Prince Mohammed bin Naif bin Abdulaziz as ...

 May 4 2015 - Saudi- Onaizah Scouts awarded Medal of Scouts of the WorldSaudi Press Agency
(MENAFN - Saudi Press Agency) The Scouts of Onaizah have obtained recently certificates of thanks and appreciation from Saudi Arabian Boy Scouts Association, and awarded the Medal of Scouts of the ...

 May 4 2015 - Egypt- CFF4: Fashion festivities hit Cairo for 4th timeDaily News Egypt
(MENAFN - Daily News Egypt) The minute you step onto the red carpet, several photographers race each other to take your photo, until you walk into one of Cairo's most captivating open spaces. The ...

 May 4 2015 - Egypt- Mercedes-Benz denies withdrawal from Egyptian marketDaily News Egypt
(MENAFN - Daily News Egypt) Following a state of confusion that resulted from rumours that Mercedes-Benz was withdrawing from the market, the German luxury car-maker issued an official statement ...

 May 4 2015 - Egypt- Pharmaceutical factory worth EGP 250m in Indian investments inauguratedDaily News Egypt
(MENAFN - Daily News Egypt) Indian company Pharmed Healthcare, a joint Hetero group venture, inaugurated in Egypt Sunday a factory for producing a drug called "Sofosbuvir", in the presence of ...

 May 4 2015 - Egypt- Court sentences 5 to death in Kerdasa police killingsDaily News Egypt
(MENAFN - Daily News Egypt) The Giza Criminal Court sentenced five defendants to death Monday on charges of storming the Kerdasa police station and murdering at least 11 policemen in August 2013.The ...

 May 4 2015 - Saudi-led coalition hits military base in YemenJordan News Agency
(MENAFN - Jordan News Agency) Saudi-led coalition struck Sanaa's al Dulaimi military airbase in a series of airstrikes on Sunday.The base, targeted by two airstrikes, was considered as the central ...

 May 4 2015 - 139 new Syrian refugees cross into Kingdom of JordanJordan News Agency
(MENAFN - Jordan News Agency) Jordan Armed Forces' border guards received 139 Syrian refugees in the last 72 hours, a source at the General Command of the Armed Forces reported on Sunday.The new ...

 May 4 2015 - Jordan Central Bank's liquidity position reaches JD4.3billionJordan News Agency
(MENAFN - Jordan News Agency) The Central Bank of Jordan (CBJ) announced Sunday that the obligatory reserved volumes held at CBJ amounted to JD1.5billion with JD2.8billion as excess liquidity capital ...

 May 4 2015 - Jordan ranks first in International Mental Arithmetic CompetitionJordan News Agency
(MENAFN - Jordan News Agency) Jordanian children proved that they are at the forefront of creativity and innovation with seven students ranking first in the International Mental Arithmetic ...

more...


 






Google

 
 

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