$121b trade volume: Massive trade growth recorded among GCC Customs union countries

DOHA: There has been a massive growth in intra-GCC trade since the first phase of the regional customs union was introduced in January 2003. The volume of trade within the GCC states was a high of $121bn in 2013, from a mere $15bn in 2002 before the launch of the customs union.

Further growth in the trade volume is expected in the years to come as the final phase of the unified customs system was launched on January 1 this year.

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Goods imported from countries outside of the GCC can land at any entry point in the GCC and can be shifted to any other member-country freely.

Also, as part of the unified customs union, goods produced within the GCC region, known as ‘national products’ are exempt from any customs levy.

This has greatly contributed to growth in trade within the member-states of the GCC, officals reports.