DOHA: The GCC members are close to achieving complete economic integration.
And a unified regional trade mark law is about to be finalised for implementation as executive regulations of the draft law are ready. Three phases of economic integration are over and what remains is the final one, the Saudi-based business news website, aliqtisadia.com, said yesterday.
Free trade zones, a unified customs regime and a common market — pre-requisites for full economic integration — have been achieved. Trade within the GCC has increased 20 times since 1983, from $5bn to $92bn by 2013-end. The growth in 2013 has been 5.4 percent. By 2014-end, the trade volume is expected to reach $97bn.
A special authority is being set up to prevent insolvency of companies in the GCC and help them rehabilitate.
The GCC trade cooperation committee recently met in Riyadh, also attended by the GCC Assistant Secretary-General, Abdullah Al Shibli. He told the website that some hindrances to achieving full economic integration remained but would be removed soon.
The GCC common market, set up in 2007, has made several achievements, including an increase in industrial production.
About 40,000 GCC citizens are doing business and some 400,000 own shares in 126 publicly-traded companies in other GCC states. Visits by GCC nationals within the bloc totalled 44 million in 2013.
The Peninsula
