TRADE AND COMMERCE
GCC Launched Customs Union On 1 January
At the 20-22 December summit in Doha the Gulf Cooperation Council (GCC) states of Saudi Arabia, Kuwait, UAE, Qatar, Oman and Bahrain launched the long-awaited customs union as of 1 January 2003, imposing a blanket 5% duty on most imports from non-member states, with the exemption of basic foodstuffs. Current duties had ranged from 4-12%. The final communiqué issued by the summit said that the GCC countries...