1998 News Story

GCC finance ministers meet in Riyadh

The finance and economy ministers of the member states of the Gulf Cooperation Council (GCC) held their 47th conference today in Riyadh.  The agenda of this meeting included the customs tariff and the elimination of obstacles to a smooth flow of commodities among member states. GCC Secretary-General Sheikh Jamil Ibrahim Al-Hejailan highlighted a number of major developments in regard to international free trade, citing recent agreements by the World Trade Organization (WTO) particularly in the field of telecommunications and data technology, as well as steps taken by the League of Arab States to establish an Arab Free Trade Zone and the adoption of the euro as the European Union's unified currency.