Gulf 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 UAE minister has said.
January 1, 2015 is the planned implementation date of the Gulf Cooperation Council (GCC) Customs Union and all pending issues related to it should be addressed by the end of 2014, the minister said.
Talking to reporters after a meeting of the GCC Financial and Economic Cooperation Committee in Abu Dhabi, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said proposals discussed at the meeting included the UAE's proposals to develop the GCC Common Market and to document the basic principles of the VAT system.
The Gulf Cooperation Council (GCC), which besides the UAE also includes Saudi Arabia, Kuwait, Qatar, Oman and Bahrain.
Bahrain's proposal to establish a GCC fund, and the latest developments in the GCC countries' economic relations with international groups were other issues that came up for discussion, he said.
Officials said efforts are on to further support the integration process in the Gulf economies, and to focus more on full application of the customs union, to take advantage of the opportunities offered by a GCC common market.