Gulf states: Customs federation to be in force as January 2003

Qatar's finance minister Youssef Hussein Kamal yesterday in Doha announced at the conclusion of the ministers of finance, the economy and trade at the Gulf Cooperation Council (GCC) states that it was agreed during the meeting to enforce the customs federation among the GCC member states as from the beginning of January 2003.

Kamal said that the meeting succeeded in settling "debated issues," adding that "all obstacles were removed" and it was agreed to implement the customs federation as from the beginning of January 2003 and that customs fees to be 5%." He also indicated that large scale of the economic projects of the GCC member states were also discussed, including the foundation of the Common market and adopting a united currency by the fall of 2010.

Worthy mentioning that the founding of a customs federation is a precondition set by the European Union, the main and basic trade partner for the GCC in order to finalize an exchange agreement between the two sides.