Gulf States Agreed on New Tariff Mechanism, Single Currency

Home>>World

Last updated at: (Beijing Time) Thursday, June 06, 2002

Gulf States Agreed on New Tariff Mechanism, Single Currency

DISCUSSION

CHINESE

SEND TO FRIEND

Gulf Arab finance ministers on Wednesday decided that custom tariffs on imported products in their countries would be levied at final destination of the goods once a custom federation is established next January, Kuwait's official KUNA news agency reported.

Finance Ministers of the Gulf Cooperation Council (GCC), who met in the Saudi capital of Riyadh earlier in the day, also decided that this mechanism would be tested for three years.

At the meeting, the ministers also approved a timetable for the issue of a single Gulf currency, KUNA said without elaborating.

In a statement after the meeting, the ministers also expressed hope that planned talks between the GCC and the European Union, scheduled to be held in July, would mark a breakthrough on the establishment of a free trade zone between the two blocs.

The European Union, the GCC's principal market and the second largest supplier after Japan, refuses to sign a free-trade accord with the GCC, until the latter has established a customs union.

A prospected trade zone will facilitate the GCC's exports, especially petrochemical products, to reach European markets at lowcustom fees in the preliminary phase of the implementation of the accord, the statement said.

The GCC resolved at its Muscat summit meeting last December to bring forward the creation of a customs union from 2005 to January 2003, as well as set up a monetary union in 2005 and a single currency by 2010.

GCC, a regional political and economic alliance established in 1981, groups Bahrain, Kuwait, Oman, Saudi Arabia, Qatar and the United Arab Emirates.

Questions?Comments? Click here

Japanese, Chinese Economy Combined to Overtake US in 20 Years ( 91 Messages)

US Taiwan Acts Jeopardize Sino-US Ties: Analysis ( 64 Messages)

'Kunlun' Jet-engine to Power China's Airforce ( 14 Messages)

China Wins Contract to Build Another "Three Gorges" Dam in Africa ( 8 Messages)

China's Economy will be World's Second-largest by 2030: Report ( 12 Messages)

Asymmetric Trial of Strength: Commentary ( 4 Messages)