Gulf countries discuss united currency

In press statements today Kuwaiti Minister of Finance Ali Salem El-Ali said that there is a general trend among the countries of the Gulf Cooperation Council to establish a customs union and united tariffs very soon.

He referred to issuing a resolution to benefit from the European experience in uniting currency so that the council's countries will be able to arrange a suitable formula for a united currency with a strong basis.

He said the G.C.C. states do not depend on petroleum prices and that there is a plan to establish a major strategy to diversify the Gulf economies.

Ali Salem added that the crisis to which the countries of east Asia are exposed will create challenges and motivations in the Gulf states to establish a united market in order to avoid such a crisis in the future in addition to benefiting from the European experience with their economic union.