2002 News Story

Shura endorses GCC unified customs system

The Consultative Council (Majlis Al-Shura), which resumed its meetings yesterday following the Eid Al-Fitr recess, endorsed at its regular session today the unified customs system for the Gulf Cooperation Council (GCC), which it will submit to Custodian of the Two Holy Mosques King Fahd bin Abdulaziz for final approval. The system, which includes 179 articles pertaining to customs problems, was approved by the 22nd GCC Summit in Muscat, Oman, in 2001.

Meanwhile, Minister of Finance and National Economy Dr. Ibrahim Al-Assaf led the Kingdom's delegation to the 59th extraordinary meeting of the GCC finance ministers, which ended yesterday in Doha, Qatar. The meeting reviewed all issues pertaining to the Gulf customs union, which will be implemented effective January 1, 2003. Also reviewed were the issues of the Gulf common market, the plan for a unified Gulf currency, and foreign goods in the GCC member states. The recommendations adopted by the extraordinary meeting will be submitted to the GCC ministerial council due to be held prior to the convening of the 23rd GCC Summit in Doha on December 21, 2002.