Gulf summit discusses acceleration of customs federation, currency union in 2010
Gulf, Economics, 12/26/2001

The secretary General of the Gulf Cooperation Council (GCC) has stressed that the draft agenda proposed to the GCC summit is of important issues, especially in economic fields.

He indicated recommendations submitted to the GCC heads, Kings and Rulers to get an early approval for the foundation of the customs federation among the GGC member states and to have it earlier by two years, from March 2005 to the beginning of 2003 as well as to agree on a common custom tariff on foreign commodities coming to the GGC member states as well as exempting basic goods consumed by citizens from customs fees. These basic commodities are 54.

Al- Hujeilan added that there is also a project to amend the common economic agreement, currently enacted, put 20 years ago. He also indicated that among the submitted recommendations is the unification of currency among the GCC member states. He expressed hope that the currency will be united on two phases to be completed by the issuance of a common currency in 2010, if all matters proceed smoothly.

Previous Stories:
  The first office for the European commission in the Gulf to be shortly opened in al-Riyadh   (12/21/2001)
  Number of Gulf Tourists in Morocco on the Rise   (12/7/2001)
  Common currency for the Gulf states by 2010   (10/16/2001)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search