VOL. XLV

No 1

7-January-2002

GCC

GCC Finally Agrees On Timing OfTariff Unification And Common Currency

The Gulf Cooperation Council (GCC)announced on 31 December, following the close of its 21st summit in Muscat,Oman, that it had agreed to unify regional customs tariffs at 5% (compared tothe existing 4-15% and broadly in line with WTO requirements) as of 1 January2003 and create a single market and currency no later than 1 January 2010.According to the final communique, the customs union...