PHOTO
05 December 2016
The full Gulf Co-operation Council's (GCC) resolutions have contributed in facilitating the flow of goods between the GCC countries and raise the inter-trade value from $ 6bn in 1984 to $ 115bn in 2015. According to a report prepared by Information Sector at the GCC Secretariat-General on the direct impact of the decision establishing the GCC Customs Union in 2003 on the growth of inter-trade, the trade between the GCC countries witnessed a noticeable increase in the first year amounting to 51 percent.
The intra-regional trade's volume has risen over the past decade from $ 15bn in 2002, a year before the establishment of the Customs Union, to about $ 115bn in 2015, a significant increase of 657 percent, QNA reported.
Since the early years, the GCC countries have worked to remove tariff barriers between them with regard to their products and having them exempt from customs duties and treat them as national goods.
A free-trade zone was launched in 1983. A series of polices facilitated the flow of movement of goods, services between the nations.
© The Peninsula 2016
The full Gulf Co-operation Council's (GCC) resolutions have contributed in facilitating the flow of goods between the GCC countries and raise the inter-trade value from $ 6bn in 1984 to $ 115bn in 2015. According to a report prepared by Information Sector at the GCC Secretariat-General on the direct impact of the decision establishing the GCC Customs Union in 2003 on the growth of inter-trade, the trade between the GCC countries witnessed a noticeable increase in the first year amounting to 51 percent.
The intra-regional trade's volume has risen over the past decade from $ 15bn in 2002, a year before the establishment of the Customs Union, to about $ 115bn in 2015, a significant increase of 657 percent, QNA reported.
Since the early years, the GCC countries have worked to remove tariff barriers between them with regard to their products and having them exempt from customs duties and treat them as national goods.
A free-trade zone was launched in 1983. A series of polices facilitated the flow of movement of goods, services between the nations.
© The Peninsula 2016
