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Customs union of Gulf states to have positive impact on domestic market

DUBAI The Customs Union of the AGCC states will have many positive advantages and impacts on enlarging the domestic markets and elevating their economies of scale.

This is seen as an advanced step towards AGCC Common market which is expected to emerge by the begining of the coming year, a senior official from Dubai Chamber of Commerce and Industry sad yesterday.

Abdul Rahman Ghanem Al Mutaiwee, director-general of DCCI, said at the opening of the "GCC Customs Union " seminar that the Customs Union would enhance productivity through the healthy competition, enhance the combativeness of business establishments, attract the repatriation and channeling of Gulf foreign deposits and capital abroad into productive projects in the Gulf states.

He said the implementation of the new customs law in the AGCC states would substantiate the position of the UAE as an international centre for commercial and business activities which is accelerated by the high absorptive capacity if the UAE economy, adding that the UAE airports, sea and other customs points will witness increasing larger volumes of trade.

The seminar is intended to enlighten and provide the business community in the UAE with insight information of the mechanism, rules and the positive impacts of the Customs Union application on the overall business and economic performance of the UAE.

Various issues have been discussed particularly those matters which are directly related to the implementation procedures, duties regime, flow of goods between the AGCC states and initial period fixed for the evaluation of the union performance.

He also said that due to the significant importance of commodity classification the seminar will also address and review the Classification Systems of goods applied particularly the Harmonised besides the Value System Agreement.