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Sun 13 May 2007 01:13 AM

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GCC still aiming for currency deadline

GCC finance ministers still aiming for single currency deadline.

Gulf Cooperation Council states are still aiming to meet the 2010 deadline for monetary union, Gulf News reports.

Saudi finance minister Ebrahim Al Assaf told the 73rd session of GCC finance ministers that member states have reached an important phase in establishing the GCC common market, which will be ready this year.

A number of issues have been resolved, he said, including the classification of protected commodities, how to deal with unilateral agreements between GCC countries and other nations, the amendment of trade agencies regulations and the role of inter-state custom centres.

GCC states have also reached a critical phase in negotiations towards a free trade agreement with the European Union, he added.

The ongoing meeting will discuss a number of further points, including obstacles to the customs union and the movement of commodities between GCC states.

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