08 May 2010
RIYADH -- Kuwaiti Finance Minister Mustafa al-Shimali on Saturday urged Ministers of Finance and Economy of the Gulf Cooperation Council (GCC) to complete what has been done of discussions and dialogues on topics related to joint GCC work especially with regard to the completion of the final stages of the customs union as one of the most important projects that benefit the GCC countries.
He said during his chairmanship of the 84th meeting of the Committee on Financial and Economic Cooperation (GCC Ministers of Finance and Economy), which began here today that the leaders of the GCC countries "have provided us with another opportunity to work again on the completion of outstanding issues, after extending the transition period for the customs union, as all of them were confident in our ability to reach an agreement on the remaining outstanding issues concerning the Customs Union and this puts us all in front of a big challenge to overcome".
He pointed out that the issue of collection and the joint distribution of the proceeds of customs is not a thorny issue to resolve as long as there is a will and sincere intention to reach a compromise formula acceptable to all Member States. He stressed that any formula or mechanism to be agreed upon between the Member States must be reviewed after two years from the time it was launched.
The finance minister said that the meeting should not lose sight of solutions reached and stated in the note prepared by the Secretariat of the Council on completion of the requirements of the customs union, describing it as "good and worthy of praise" as the memo concludes that the net tariff of the GCC states represents a fraction of the total income of Member States and therefore it would be easy to agree on a flexible distribution mechanism in this regard.
Al-Shimali said that the issue of common collection of customs revenue is among the subjects that took a long time of research and study and "today we must create for ourselves a common ground from which we can overcome those obstacles that hinder work of this Union."
He added that there are other subjects not less important than the subject of customs revenues and just need to intensify the effort and hard work to finish them as quickly as possible, including the issue of tariff protection and the protection of the local agent.
He expressed hope Ministers of Finance and Economy would reach appropriate recommendations to the agenda topics and exploite the new opportunity that was given to us by the leaders of the GCC countries.
For his part, Secretary General of the Gulf Cooperation Council Abdul Rahman al-Attiyah said in his speech addressing the opening session that this meeting comes in the month when we celebrate the passage of 29 years since the establishment of this blessed Council and its accomplishments praised by citizens of the GCC countries with pride and viewed with admiration by citizens of other countries.
He said that everybody looks forward to the results of this meeting as this Committee had established a solid foundation dor the GCC Customs Union, saying such committee is able, through its constructive decisions, to overcome the obstacles that have prevented access to the final status of the Union.
RIYADH -- Kuwaiti Finance Minister Mustafa al-Shimali on Saturday urged Ministers of Finance and Economy of the Gulf Cooperation Council (GCC) to complete what has been done of discussions and dialogues on topics related to joint GCC work especially with regard to the completion of the final stages of the customs union as one of the most important projects that benefit the GCC countries.
He said during his chairmanship of the 84th meeting of the Committee on Financial and Economic Cooperation (GCC Ministers of Finance and Economy), which began here today that the leaders of the GCC countries "have provided us with another opportunity to work again on the completion of outstanding issues, after extending the transition period for the customs union, as all of them were confident in our ability to reach an agreement on the remaining outstanding issues concerning the Customs Union and this puts us all in front of a big challenge to overcome".
He pointed out that the issue of collection and the joint distribution of the proceeds of customs is not a thorny issue to resolve as long as there is a will and sincere intention to reach a compromise formula acceptable to all Member States. He stressed that any formula or mechanism to be agreed upon between the Member States must be reviewed after two years from the time it was launched.
The finance minister said that the meeting should not lose sight of solutions reached and stated in the note prepared by the Secretariat of the Council on completion of the requirements of the customs union, describing it as "good and worthy of praise" as the memo concludes that the net tariff of the GCC states represents a fraction of the total income of Member States and therefore it would be easy to agree on a flexible distribution mechanism in this regard.
Al-Shimali said that the issue of common collection of customs revenue is among the subjects that took a long time of research and study and "today we must create for ourselves a common ground from which we can overcome those obstacles that hinder work of this Union."
He added that there are other subjects not less important than the subject of customs revenues and just need to intensify the effort and hard work to finish them as quickly as possible, including the issue of tariff protection and the protection of the local agent.
He expressed hope Ministers of Finance and Economy would reach appropriate recommendations to the agenda topics and exploite the new opportunity that was given to us by the leaders of the GCC countries.
For his part, Secretary General of the Gulf Cooperation Council Abdul Rahman al-Attiyah said in his speech addressing the opening session that this meeting comes in the month when we celebrate the passage of 29 years since the establishment of this blessed Council and its accomplishments praised by citizens of the GCC countries with pride and viewed with admiration by citizens of other countries.
He said that everybody looks forward to the results of this meeting as this Committee had established a solid foundation dor the GCC Customs Union, saying such committee is able, through its constructive decisions, to overcome the obstacles that have prevented access to the final status of the Union.
© KUNA (Kuwait News Agency) 2010
