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Gulf leaders seal landmark economic union accord.
Heads of state from the six-member Gulf Cooperation Council (GCC) signed a customs and monetary union agreement Monday, December 31, in a bid to forge a weighty economic bloc. The GCC customs union is expected to open the way for the long-awaited Free Trade Agreement (FTA) with the European Union (EU), the region's biggest trading partner.
The accord advances the date for implementing a unified five percent customs tariff to January 2003, after a previous agreement had set the start date to 2005. A single currency system is scheduled to materialize in January 2010, confirmed the closing statement of the GCC's ...
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