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Trade exchange between UAE and GCC states increases

posted on 24/07/2004: 656 views

The total volume of trade exchange between the UAE and the rest of the GCC states has increased by 16 per cent since the launch of the AGCC Customs Union early last year, "Khaleej Times” reported last Thursday. According to a study recently issued by the UAE Industrial Bank, the total volume of export and re-export from the UAE to the rest of the GCC states grew by 33 per cent amounting to Dh6.8 billion last year. The three GCC countries, including Saudi Arabia, Kuwait and Qatar, topped for the first time the list of the GCC countries re-exporting from the UAE to the rest of the world, reflecting the importance of the unified customs tariff and its positive impact on the GCC states.

The study has also confirmed that the high capacity UAE ports have enhanced the special hub position of the country in the regional trade, especially with the launch of the fully electronic customs clearance procedure. The rest of the GCC states have achieved almost similar results. The total value of Kuwaiti imports from the Gulf Cooperation Council states amounted to KD390 million during the period from September to November last year, recording an increase of 10 per cent compared to the same period of the previous year. Export from Kuwait to the GCC states also increased to reach KD118 million for the same period.

While highlighting the positive impact of the GCC Customs Union on all member states as witnessed by the experience of other economic communities in the world, and the European Union in particular, the study pointed out to the importance of orienting present efforts of the council states towards the completion of the customs union's constituents through unifying the specifications and standardization of commodities and products. Also, the study referred to the importance of agreeing on prohibited and restricted goods, unifying the customs protection for many national products, as well as setting up a network for the automatic link between the customs centres of the GCC member states. (The Emirates News Agency, WAM)


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