GCC Customs Union Progressing Well, Says Official

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

26 May 2004

Speaking at a recent seminar on GCC (Gulf Cooperation Council) customs law, a top official revealed that the implementation of the GCC Customs Union is progressing well, and that the GCC states look to be on track for a single currency by 2010.

The Customs Union, which was introduced in January 2003, is currently seeing implementation of the second phase of the procedures designed to bring the customs regimes of member states into closer convergence, with a third batch of measures set to be put in place in January 2005.

According to a Gulf News report, deputy director of the Customs Union's affairs at the GCC Customs Union Secretariat, Mohammed Alhaif told those attending the seminar that:

"After one and a half years, the Customs Union has achieved good progress and we are now in the second phase of implementation, which we want to achieve faster than the stipulated three years. Many of the initial hurdles in implementation have been overcome and we are looking at faster integration of the economies."

He went on to add that as a result of the Customs Union, there has been higher intra-GCC trade, freer movement of national goods, and a more efficient utilisation of resources.

He also revealed that the GCC General Secretariat will shortly finalise the common investment law that will govern foreign direct investment (FDI) in the GCC region, according to Gulf News.

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