10 GCC for establishing customs federation

The minister of finance and the economy in the Gulf Cooperation Council states GCC decided during their meeting which was concluded on Sunday in Riyadh to accelerate implementing measures providing for implementing the United Gulf customs federation as from the year 2005.

The Saudi minister of finance and the economy Ibrahim Assaf, in press statements on Tuesday praised the economic growth and financial developments taking place in the GCC member states during this year.

Last week, Saudi Arabia speaking on behalf of the Gulf states indicated that talks with the European Union are making progress to establish a free trade zone. The Gulf states threatened to stop the talks for lack of progress. The European Union (EU) saw the lack of progress as being due to the lack of a uniform Gulf customs standards.

Saudi minister of finance and the economy Ibrahim Assaf indicated that the consultation commission of the GCC is assigned by the leaders of the GCC to study the Gulf economic experience so as to achieve more Arab Gulf integration and cooperation.