The UAE Customs Council met this week to discuss the outcome of the latest GCC Summit in Muscat. The leaders of the six member states agreed at the summit to implement uniform tariffs in the GCC, and to proceed towards greater economic and monetary integration.
The meeting was chaired by Mohammed Al Kait, council chairman and Ras Al Khaimah Ports and Customs director general, and attended by customs departments' directors generals and representatives from the Economy and Commerce and Finance and Industry ministries, Gulf News reported. The UAE Customs Council’s recommendations and schedules will be sent to the UAE Central Bank for consultation.
Al Kait expected the by year-end, the UAE will amend its customs duty to the 5% level agreed at the summit instead of the current 4% and complete other procedures necessary for the GCC customs union.
Al Kait emphasized that the GCC states will benefit by the customs union: "Trade between the GCC and the EU will be activated. They had for long asked for the union and this will consequently suspend their delays on the GCC national industries issue" he said. (www.albawaba.com)
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