Riyadh: The six-nation Gulf Cooperation Council will complete measures to establish a regional customs union by 2015, according to the official Saudi Press Agency (SPA).
The members need to resolve outstanding issues before the implementation of the union, the Riyadh-based agency said, citing Abdullah Al Shibli, assistant secretary-general for economic affairs at the GCC Secretariat. There are no major obstacles that could delay full implementation of the accord, SPA said.
Minister of State for Financial Affairs Obaid Humaid Al Tayer said in May that the regional customs union is on course to be implemented by 2015 by the bloc, which also includes Saudi Arabia, Kuwait, Oman, Qatar and Bahrain.
Individual positions
The UAE pulled out of plans for a regional monetary union in May 2009.
The GCC agreed in 2001 to set up a monetary union similar to the euro area by 2010.
Oman opted out of the project in 2007. Saudi Arabia, Kuwait, Qatar and Bahrain are still part of the project.
