The six-member Gulf Cooperation Council may need as many as three years for full implementation of a regional customs union agreement, Kuwait’s Finance Minister said.
“Not all countries are ready,” Mustafa al-Shimali told reporters late yesterday in Jeddah, Saudi Arabia. “We need more time to implement the remaining items.”
The region’s customs union has been hindered by differences over how to distribute revenue earned from tariffs, al-Shimali said. The group also needs to remove some tariffs on specific goods, he said.
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