Saudi Arabia implements Gulf states' united customs tariff resolutions

In light of supporting collective Gulf activity, Saudi Arabia has put into implementation the resolutions of the economic Muscat summit, so as to be the first of the 6 member states of the Gulf Cooperation council to announce such an implementation.

In its weekly meeting under the chairmanship of the Crown Prince Abdullah Ibn Abdul Aziz, the Saudi cabinet gave its directives to specialized sides to take necessary measures in order to implement these resolutions, foremost being an advance implementation of the customs measures as from the beginning of January 2002 instead of 2005 and adopting the united customs tariff concerning the outer world as well as the time schedule for the foundation of the GCC monetary union and issuing the united GCC currency in 2010.

However, the Muscat 22nd summit resolutions are considered as a turning point in the economic activity. It, for the first time achieved the awaiting for element of integration since 21 years. Declaring an early date for the GCC customs union until the beginning of 2003 is the greatest evidence on that.