Global Arab Network | GCC summit in UAE deals with key economic files

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GCC summit in UAE deals with key economic files

Global Arab Network - - Mohammed Almasri

Monday, 06 December 2010 15:23

UAE (Abu Dhabi) - Economic issues occupy a great space in the agenda of the 31st Gulf Cooperation Council (GCC) summit, with leaders are expected to remove obstacles facing the implementation of giant projects approved by previous summits, Global Arab Network reports according to KUNA.

The GCC leaders are expected to give the green light for national companies to open branches in other member states in a drive to facilitate movement of goods and services among the six GCC countries.

The Kingdom of Bahrain had proposed the establishment of a GCC Fund for Financial Stability and Economic Growth. Bahrain sees the Fund as backing the economic integration to facing economic challenges and reaching a common economic strategy.

The GCC has realized economic achievements since its creation in 1981, starting with the economic treaty in 2002 to the creation of the custom union in 2003 - which unified custom tariffs on exported products at five percent, and the launch of the monetary union.

The six GCC countries established a free trade zone between them and exempt national products from custom tariffs.

The Arab Gulf countries also established the single-entry measure, which means that goods can enter through any member state with a single tariff.

They have also allowed retailers to exercise their operations in any member states at an equal basis.

The Gulf leaders, in their 2005 summit in Abu Dhabi, approved the common commercial policy. This policy aims at unifying foreign trade policy with third countries and World Trade Organization (WTO), regional and international organizations.

The common market, launched in 2007, paved way for free movement of goods and removed restrictions on capitals.
(KUNA)

Global Arab Network

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Last Updated on Monday, 06 December 2010 15:31

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