Customs chiefs from the six nations which make up the Gulf Cooperation Council (Kuwait, Qatar, Oman, Saudi Arabia, Bahrain, and the United Arab Emirates) are to meet today in an attempt to resolve the two remaining issues which could prevent a landmark customs union from being established next year.
Reporting in the run-up to today's meeting, Gulf News Online revealed that the two day talks will be focusing on: 'a compromise for the proportionate distribution of joint customs earnings and entry of alcohol and other foreign products which are allowed in some members, but banned in others'.
Although the customs union has been shelved several times since the inception of the GCC, it has become an increasingly important part of the regional joint venture, as the formation of such a union is a precondition for the signing of a free trade agreement with the European Union.
According to Gulf News Online, assuming that agreement is reached in time for next year's launch: 'a GCC customs union, which covers more than 1,500 imported items, will give birth to the Middle East's biggest economic bloc, with a GDP of nearly $320 billion in 2001, around 45% of the combined Arab economy.'
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