Gulf states have to make concessions if they want their customs union to be fully operational by the beginning of 2015 as planned, Kuwaiti Finance Minister Anas Al-Saleh told his counterparts at finance ministers' meeting on Wednesday.
The Gulf states plan to set up a joint regional customs authority next year as they push ahead to launch a fully operational customs union by early 2015 as planned, the under-secretary of the UAE Finance Ministry said.
Younis Al-Khoury als
Gulf Arab countries plan to resolve all outstanding issues about their customs union over the next three years in order to have it fully operational by 2015, a top United Arab Emirates official said on Saturday.
'What we have agreed up
The Gulf Cooperation Council will set up electronic clearing system to resolve customs duties between Bahrain, UAE, Saudi Arabia, Kuwait, Oman and Qatar.
However, the formation of a customs union has been postponed due to differences over
The six-nation Gulf Cooperation Council (GCC) has made much progress to clear the last obstacles for the bloc's long-awaited customs union but total completion will take two to three years, Kuwait's finance minister said.
Arab leaders are to approve a customs union - the first step to a common market - as well as a power grid and a rail network at their first economic summit in Kuwait, it was revealed.
The projects were approved along with other resolutions