Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

GCC customs union set for January 1  Join our daily free Newsletter

MENAFN - Khaleej Times - 08/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Gcc ministers agree to resolve roadblocks particularly on revenue sharing

the energy-rich gulf states agreed on wednesday to resolve hurdles obstructing implementation of a long-delayed customs union particularly revenue sharing kuwait’s finance minister said.

leaders of the six-nation gcc have set january 1 to implement the customs union first launched in 2003 and delayed on several occasions to resolve hurdles.

obaid humaid al tayer uae minister of state for financial affairs at the meeting of ccc finance ministers in kuwait city on wednesday. — afp

anas al saleh said after a day-long meeting of finance ministers that there had been agreement on all points of the agenda including on the mechanism for distributing customs revenues which has been the biggest hurdle.

he told reporters the gcc secretariat has been asked to “conduct studies to make the mechanism clearer”.

those studies and related issues will be reviewed by the ministers at a meeting in kuwait city in september added al saleh whose country currently holds the gcc’s rotating presidency.

the gulf states unified their customs tariff at five per cent over a decade ago but their steps towa union have been very slow.

ministers also discussed completing requirements for their common market and monetary union both of which have been rescheduled a number of times. at the meeting’s opening al saleh called on members to make concessions “in order to reach an agreed formula that guarantees the rights of all [gulf] states”. the gcc countries “should unite their views and give concessions to eliminate things which hinder gulf economic work” al saleh told the meeting.

he urged the completion of requirements for the customs union “particularly... distribution of customs revenues protection of local agents and protectionism for some goods”.

for his part gcc secretary-general abdullatif al zayani urged members to facilitate free movement of national and foreign goods to allow the january deadline to be met.

when the customs union was launched at the start of 2003 full implementation was envisaged within three years. but questions over revenues dumping and protectionism have caused repeated delays.

a 2010 deadline came and went when the energy-rich bloc failed to agree on the sharing of tariff revenues and experienced difficulties in meeting world trade organisation rules.


 


Khaleej Times




  MENA News Headlines
 Sep 24 2016 - Spikes Asia Festival of Creativity 2016 Award Winners AnnouncedMENAFN Press
(MENAFN Press) SINGAPORE, Sept 24, 2016-(ACN Newswire)-The final day of Spikes Asia culminated in a ceremony to celebrate the winners of the annual Spikes Asia Awards. The industry gathered to ...

 Sep 24 2016 - Pagan Ritual for Social Justice is Open to the PublicMENAFN Press
(MENAFN Press) Online PR News – 24-September-2016 – Long Beach, CA – The pagan communitys belief systems are many and diverse. Many pagan spiritual systems are centered around at ...

 Sep 24 2016 - Saudi Arabia offers Iran to reduce oil productionMENAFN
(MENAFN) According to official sources, Saudi Arabia has offered to reduce oil production if rival Iran agrees to cap its own output this year.Accordingly, the offer, which has yet to be accepted or ...

 Sep 24 2016 - Egypt negotiates to receive USD300m of Sinai's loanMENAFN
(MENAFN) According to a government source, Egypt's Ministry of International Cooperation is about to receive Abu Dhabi Fund for Development (ADFD) loans geared for development projects in Sinai.The ...

 Sep 24 2016 - Qatar's CRA to order Ooredoo to provide access to QNBNMENAFN
(MENAFN) The Communications Regulatory Authority (CRA), Qatar National Broadband Network (QNBN) had issued a complaint issued against Ooredoo for not complying with an agreement to provide access to ...

 Sep 24 2016 - Kuwait- Sheikh Sabah Al-Khaled meets Latvian FMKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, Sept 23 (KUNA) - First Deputy Premier and Foreign Minister of Kuwait Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah held talks here on Friday with Latvian ...

 Sep 24 2016 - Kuwait- Sheikh Sabah Al-Khaled meets Tanzanian FMKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, Sept 23 (KUNA) -- Kuwait First Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah met on Friday the Tanzanian Minister ...

 Sep 24 2016 - Kuwait- Syria's truce meaningless without split of moderate opposition, terrorists - LavrovKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, Sept 23 (KUNA) -- Russian Foreign Minister Sergei Lavrov said Friday any cessation of hostilities in Syria would be "meaningless" without separation of ...

 Sep 24 2016 - Kuwait- Still no conclusive evidence IS used mustard gas in Iraq - PentagonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) WASHINGTON, Sept 23 (KUNA) -- There is "no conclusive evidence" yet that mustard gas was used by the so-called Islamic State (IS) in a recent failed attack on US ...

 Sep 24 2016 - Kuwait- Still no conclusive evidence IS used mustard gas in Iraq - PentagonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) (Reopens) WASHINGTON -- In Syria, Turkish and coalition forces have cleared five additional villages along Syria's northern border with Turkey. Furthermore, ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help