GCC trade talks opened in Doha

The GCC Ministerial Trade Cooperation Committee today opened in Doha new talks taking up several topics aiming at fostering trade exchange between the GCC states.

In a statement in Riyadh yesterday, the GCC Secretary General Jamil Hujaila said the committee will find ways to "remove obstacles hindering the flow of trade and products between the six GCC states," in addition to ownership and trading of shares by GCC nationals, retail and "wholesale trade and trade agencies."

The ministers are also discussing reports referred by various subcommittees, including a report on evaluation of performance of joint chambers of commerce, a second report on the GCC Trade Arbitration Centre, and employment and movement of national workforce.

One such report is to come from a special committee due to hold its 12th meeting tomorrow to complete the task of classifying products as part of efforts to unify custom fees. Participants in the meeting would work for grading 2.8 percent of the total amount of the commodities, estimated at 1.276. The meeting will be held in line with instructions by the 45th GCC ministerial council to speed up the task.

The list of the classified items will be submitted to the GCC commission for financial and economic cooperation and the ministers of finance and economy of the council's member states, due to meet on October 18 in Doha, Qatar.

The finance ministers are expected to submit a final report to next round of the GCC higher council, scheduled in Kuwait in December.