Dubai: The six-member Gulf Co-operation Council (GCC) is close to forming the GCC Customs Union.
The six GCC states — the UAE, Bahrain, Saudi Arabia, Qatar, Oman and Kuwait – have agreed to impose a unified tariff of 5% on foreign imports starting January 1. Tariffs will also be abolished on goods produced in member states.
In 2015, Gulf states will establish one port of entry dedicated to the collection of the unified custom fees, and all goods produced in GCC countries will be handled the same way national products are.
The volume of intra-regional trade among Gulf states currently amounts to around $90bn. [17/12/14]