GCC Custom Union nears completion – Kuwait’s Al-Shimali


Speaking to KUNA on sidelines of a meeting of the GCC finance and economic cooperation committee, Al-Shimali said GCC finance undersecretaries were assigned to follow up a mechanism through which custom revenues would be calculated.

The undersecretaries have two options. They can calculate the revenues through certain percentages to member states or that the all custom revenues are transferred into a special fund, explained Al-Shimali.

"We are awaiting outcome of a meeting of finance undersecretaries following Eid Al-Fitr in the GCC Secretariat, and they as expert will submit their conclusions to our next meeting which is due in Qatar next October," he said.

The Kuwaiti official highlighted importance of the GCC committee’s meeting which would discuss a Qatar paper on the activation of the economic action of the six-state Arab Gulf bloc.

The committee members are to discuss coordination to assist regional and international humanitarian funds and organizations, he said, citing the relief supplies sent by the GCC countries to Gaza Strip.


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