Gulf states to insert petroleum in international trade agreement for tax purposes

The countries of the Gulf Cooperation Council confirmed that they are going to hold a new round of negotiations with the International Trade Organization (ITO) to include petroleum within the context of the organization's agreement dealing with goods and their trade on the international level, in an effort to remove taxes imposed on petroleum.

Meanwhile a meeting for high-ranking officials and petroleum ministers in the GCC countries will meet on March 9 - 10 to prepare for new round of negotiations with the international trade organization in 2000.

Thus the meeting comes within the application of the high council's decision for the GCC at the Gulf summit held in Abu Dhabi during last December.