GCC officials are to meet in Jeddah on 28-29 March to resume talks on a proposed customs union, a key element in creating a GCC common market.
The customs union is one of the most thorny issues in the process of GCC economic integration. Tariffs vary widely and some GCC states are demanding compensation for expected losses from lowering their tariffs, which they say provide protection for growing local industries.
A compromise solution, to establish a fund for tariff revenues to be distributed proportionately among GCC states, has made headway in negotiations, GCC officials say. There are also proposals to exempt some products from the unified tariffs to retain protection, they add.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.