Arab Gulf states are close to customs unity

The secretary general of the Gulf Cooperation Council, Jamil al-Hujeilan, has asserted that the Arab Gulf states have almost completed customs unity.

Following a meeting of the finance ministers of the GCC's six member states that concluded in Abu Dhabi, the GCC secretary general added, "Hopefully, this issue will be settled definitely in the next Riyadh summit to be held by kings, presidents and princes of the GCC states," due to be held on November 27 through 29.

The GCC member states which own 45% of the world's crude oil reserves and are ensured 20% of the world production for several years are seeking to draw up a customs unity agreement in preparation for establishing a common Arab Gulf market.

The finance ministers of the GCC have set March 1, 2001 as a date to put the customsunity into actual implementation.