Business | Economy
New panel to settle Gulf trade disputes
Abdul Rahman Al Attiyah, the secretary-general of the Gulf Cooperation Council (GCC) said the Secretariat General has formed a judiciary commission to settle trade disputes between the GCC states.
- By Mariam Al Hakeem, Correspondent
- Published: 00:11 January 28, 2008
Riyadh: Abdul Rahman Al Attiyah, the secretary-general of the Gulf Cooperation Council (GCC) said the Secretariat General has formed a judiciary commission to settle trade disputes between the GCC states.
"The commission was formed according to article 27 of the economic agreement between the GCC states and will be responsible for settling claims related to obstacles that may face the GCC common market," Al Attiyah said.
He was addressing a symposium on the GCC common market hosted yesterday by the Eastern province Chamber of Commerce and Industry (EPCCI).
The secretary general admitted the common market faced challenges like the diversification of income sources among member states and the creation of more job opportunities for youths.
However, he noted that the common market provides huge opportunities for GCC citizens to benefit from the region's accelerated growth.
He pointed out that about 19,000 Saudis have benefited from the common insurance umbrella in the GCC states.
Al Attiyah stressed that within the common market, GCC citizens would have freedom of movement, education, medical treatment, social services, real estate ownership, capital movement and share trading.
"The common market, will enhance the negotiation capability of the member states with international economic blocks, particularly the those where the members seek to establish joint free trade zones," Al Attiyah said.
He pointed out that the secretariat general has designed two questionnaires - one aims at knowing the views of GCC corporate leaders on obstacles of the executive measures on the common market and the second seeks the views of official agencies.
The secretariat general is keen to resolve all issues by the end of the year.
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