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Saudi TV reports launch of GCC customs union.
(From BBC Monitoring International Reports)
With the implementation of the Customs Union agreement, the Gulf Cooperation Council [GCC] member states today took a serious step towards building the single customs barrier. Today's move was in implementation of the GCC's 23rd summit, held in Doha on 20-21 December.
The Customs Union agreement exempts goods circulating within the GCC from any customs tax. It also stipulates unified measures and regulations and a single point of entry, at which the unified customs fees will be levied at a rate of five per cent. Goods will move freely without ...
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