GCC moves closer to setting up customs union

A new committee has been set up and will hold its first meeting in June
GCC moves closer to setting up customs union
Dr Abdullatif Al Zayani, secretary general of the GCC.
By Shane McGinley
Tue 10 Apr 2012 04:24 PM

The Gulf Cooperation Council (GCC) has established a committee to manage the setting up of a customs union, which could make the flow of goods easier between the six member states, with the first meeting set to take place in June.

Dr Abdullatif Al Zayani, secretary general of the GCC, said the final report on the establishing of a customs union would be submitted next month, the WAM news agency reported.

On the sidelines of the 40th meeting of the Federation of GCC Chambers of Commerce and Industry in Abu Dhabi on Monday, Al Zayani confirmed a committee has been formed of Customs General Directors in GCC countries to study all topics related to the establishment of the Customs Union between Member States and the committee’s first meeting will be held in June.

The amount of red tape involved in the movement of goods among the GCC member states has long been cited as one of the main obstacles to trade in the region.

“There is still too much red tape. Too much paperwork… [the] challenge of moving goods is very frustrating,” Mohammed Abdulaziz Alshaya, executive chairman of Kuwait-based MH Alshaya Co, which manages over 55 brands, including H&M, Debenhams and Starbucks, told Arabian Business.

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