1999 News Story
 

11/28/1999
Foreign minister announces unified GCC customs tariffs

In a press conference today following a closed-door session of the six leaders of the member states of the Gulf Cooperation Council, Minister of Foreign Affairs Prince Saud Al-Faisal announced that the GCC Supreme Council has agreed to unify the customs tariffs among the GCC member states into two categories. The tariff for exempted and basic commodities will be at the rate of 5.5 percent while customs duties for all other commodities will be 7.5 percent.
Prince Saud also disclosed that the GCC Customs Union will be put into effect in March 2005, indicating that by then aspects such as point of entry, re-exportation, distribution of revenues, and the role of customs inlets, will have been finalized by the committee on financial and economic cooperation.


Return