GCC set to remove trade hurdles

GCC Ministers of Commerce and Industry have agreed to remove all obstacles to trade exchange between their countries by next year and apply an anti-dumping law from early next year.

In statement at the end of the 21st meeting of the Industrial Cooperation Committee, which consists of GCC ministers of commerce and industry, Maqbool bin Ali Sultan, Oman's Minister of Commerce and Industry, said: "The ministers have set next year as the maximum time frame for removing all barriers to trade exchange and it was agreed that the secretariat general coordinate on this matter with member states which all had shown desire to take that step."

The Omani minister said that the ministers also agreed to implement an anti-dumping law at the start of next year.

"It would be compulsory and in harmony with the World Trade Organisation's (WTO) stipulations," he said.

Maqbool told the Oman News Agency that the committee affirmed the importance of attracting foreign investment, encouraging industrial investment in particular, and co-operating with economic blocs such as the Asean, the European Union and also with the U.S., Japan and others.

On the meeting of the GCC Trade Co-operation Committee, which concluded here on Tuesday evening, the minister said it was agreed to forge a mechanism for establishing a privately owned or joint Gulf reinsurance company.

He said the meeting also agreed to recommend to the Supreme Council on the structure, budget and venue of the standardisation committee.

Addressing the opening session of the GCC Industrial Co-operation Committee, the Minister of Commerce and Industry said the most important item on the meeting agenda was the anti-dumping draft law and the protective and compensatory measures which were in harmony with the relevant WTO laws.

He said with the establishment of the customs union and the applying of the joint external tariff, it would be necessary for GCC states to protect their industries from such threats and to set up a body to enforce the law.

Maqbool further added that trade and investment liberalisation required special attention to make the Gulf industry more competitive by raising productivity, improving quality and reducing production cost.

Abdul Rahman bin Hamad Al Attiyah, GCC Secretary-General, said the member states viewed industry as a strategic option to secure economic growth and for that purpose they allocated considerable resources and offered many incentives to develop the sector.