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FINANCIAL NEWS
GCC to pave way for customs union
06 Mar 2011
(MENAFN) The secretary-general of the Gulf Cooperation Council (GCC), Abdul Rahman Al Attiyah, said that the council is planning on sorting out pending issues standing against the creation of a customs union, reported Gulf News.
Al Attiyah said that resolving the pending issues is necessary in order to reach a final agreement on the customs union scheduled to be created in 2011.
The secretary-general countered doubts about the GCC’s ability to economically integrate the Gulf area, which is the world’s biggest oil exporting region. The idea of a customs union was first introduced in 2003.
However, the application was postponed due to pending issues regarding the agreement on how to introduce a permanent system to give out custom receipts among 6 members of the GCC.
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