The Gulf customs union to begin in 2015

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The planned implementation date of the Gulf Cooperation Council?s (GCC) Customs Union will be on January 1, 2015, as said by Obaid Humaid Al Tayer, the Minister of State for Financial Affairs, in the capital.

The Gulf Arab countries are looking to resolve all their outstanding issues with their customs union over the coming three years, and be operational by the year 2015.

?By the end of 2014 we should be able to address all pending issues related to the GCC customs union in order to ensure its implementation,? Al Tayer said following he 90th meeting of the GCC Financial and Economic Cooperation Committee (GCC Ministers of Finance), in Abu Dhabi.

The meeting highligted issues such, the UAE?s proposals to develop the GCC Common Market and to document the principles of the VAT system, the Qatar initiative regarding the WTO natural gas and the establishing of the GCC development programme,

Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, further added, ?We are looking forward to further supporting the integration process in the Gulf economies, and to focus more on full application of the custom union, to take advantage of the opportunities offered by a GCC common market, which will reflect positively on all sectors of the economy and achieve the aspirations of the citizens of the GCC countries?.

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