ISDS Case Map
GCC
The Gulf Cooperation Council, a political and economic union involving the six Arab states, has decided to shelve its proposed customs union by at least two years after the modalities for the distribution of revenues and the mechanism of collection were not finalised.
The latest push to eliminate obstacles could help the Gulf Cooperation Council Customs Union ease transportation of goods and services across the region from next year.
The Gulf Cooperation Council and the Association of Southeast Asian Nations have decided to explore the possibility of reaching a Trade and Investment Framework Agreement (TIFA) and a free trade agreement.
Chile took another step toward developing a free trade agreement with Arab nations of the Persian Gulf, as the Chilean president and Kuwait's prime minister signed several diplomatic and economic agreements Tuesday.
Export duty is one pending issue that needs to be resolved before an EU-GCC free trade agreement is signed, disclosed Tomas Dupla del Moral, Middle East and south Mediterranean External Commissioner with the European Commission in an email exchange with the Kuwait Times this week.
The European Union (EU) and the Gulf Cooperation Council (GCC) last week celebrated 22 years of their relationship by launching a three-year Joint Action Programme (JAP) to move forward to stronger cooperation with confidence and optimism.
At the end of 2009, all GCC countries, with the exception of UAE and Oman which disengaged from the plan, were within the fiscal convergence criteria needed for the regional monetary union, the Washington-based Institute of International Finance (IIF) said.
The Saudi Jordanian Businessmen Council supported Jordan’s request for a free trade agreement with Gulf states, according to the council’s Chairman Mohammad Al Audah.
Despite 98% of the issues of the long-awaited Free Trade Agreement between the GCC and EU having been successfully negotiated, the GCC’s decision to impose customs duties on EU exports remain the only sticking point, an EU source has said.
The Gulf Cooperation Council (GCC) and South Korea have taken big strides toward concluding free trade negotiations, although there are some remaining issues to be resolved, Yonhap News Agency reported the council's visiting secretary general as saying Monday.
