Monday, 23 July 2012

With customs union, Gulf edges toward closer economic ties | Reuters

In April this year, a queue of thousands of trucks built up at the Al Ghuwaifat border crossing between the United Arab Emirates and Saudi Arabia. Weary drivers ate and slept in their cabs, some for as long as several days, because of a slow customs clearance process.

It took several weeks to reduce the logjam to normal levels. The incident underlined the difficulties faced by the six rich oil exporting countries of the Gulf Cooperation Council (GCC) as they edge toward closer economic integration.

Saudi Arabia, the biggest Arab economy, is leading moves toward political and economic cooperation, which it believes would give the mostly Sunni-led monarchies of the Gulf more power to withstand any confrontation with Shi'ite Iran.

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