Tuesday, Jul 12, 2011
(This story was originally published Monday.)
RIYADH (Zawya Dow Jones)--Gulf Arab countries are on track to set up a customs union for the region by 2015 despite some outstanding issues among member countries, a Gulf official said Monday.
The Gulf Cooperation Council, or GCC, agreed earlier this year to set up a higher authority for the GCC customs union, which will be operational early 2012, Abdullah al-Shibli, assistant secretary general for economic affairs at the GCC Secretariat said in a statement.
The authority will prepare and resolve all issues related to the union in three years, he said.
The customs union, which has been stuck in a transitional phase since 2003, would collect a 5% tariff on imports at the first port of entry in countries belonging to the six-member GCC and would also establish a common customs law.
The GCC regional states--Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman--are yet to agree on how to introduce a permanent system to distribute customs receipts among them.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
12-07-11 0425GMT
