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GCC Summit Accelerates Customs Union, Paves Way for EU Free Trade Pact.
Leaders of the six member countries of the Gulf Cooperation Council (GCC) agreed during their 22nd summit yesterday to several measures that will increase the economic integration between their countries. Most prominent was the decision to adopt a GCC customs union. Uniform tariffs have been a key demand of the European Union for a Free Trade Pact.
The customs union was originally agreed at the 20th GCC summit in 1999, and although it was scheduled for introduction from March, 2005, several GCC member countries have already made significant strides to put the customs union into effect at an earlier date then planed. In the 22nd summit in Oman, the deadline for a full GCC customs union has been moved up from March 2005 to January 2003, giving member countries one year to finalize preparations.
Under the decision of the summit, all GCC member countries will adopt a unified tariff rate of five per cent on all imported goods by January 1, 2003. In order to make the customs union possible, the council also endorsed the formation of uniform standards and specifications, and agreed on a uniform system of agricultural quarantine.
The GCC countries signed a "Unified Economic Agreement" upon ...