DUBAI: The UAE is eager to see the full launch of the GCC Customs Union by early 2015 after the removal of all hiccups.
In its first briefing to media on the latest developments on the GCC Customs Union and the UAE’s initiatives to face the challenges hindering the full launch of the union, the Federal Customs Authority, or FCA, submitted several initiatives to resolve pending issues by the end of 2014 to the General Secretariat of the Gulf Cooperation Council and the Customs Union’s Authority, or CUA.
Speaking to reporters in Abu Dhabi, Khalid Al Bustani, FCA acting director-general, said the progress of the GCC Union saw many important developments that reflect how GCC member states are keen to overcome obstacles to the union’s full application.
“The CUA has recently completed many initiatives and studies pertaining to issues through the transition period,” he added.
The CUA will refer some important resolutions in this regard to the FECC in its meeting scheduled next month, for implementation in line with the directives of Their Highnesses the leaders of the GCC countries in order to resolve pending issues by the end of 2014. Al Bustani said that the application of the GCC Customs Union since 2003 has positively boosted inter-GCC and foreign trade, and contributed to removing a slew of hindrances facing inter-GCC trade.
He highlighted the positive impact of the union, noting that the UAE-GCC trade volume reached up to Dh459.2 billion, including Dh195.8 billion in imports, Dh97.1 billion in exports and Dh166.1 billion in re-exports in 2003-12.
“UAE-GCC trade surged by 405 per cent, or Dh86.5 billion, in 2012 from Dh17.1 billion in 2003,” he added.
