Gulf states inch closer to customs union

The energy-rich Gulf states agreed Wednesday to resolve hurdles obstructing implementation of a long-delayed customs union, particularly revenue sharing, Kuwait's finance minister said.
Leaders of the six-nation Gulf Cooperation Council have set January 1 to implement the customs union, first launched in 2003 and delayed on several occasions to resolve hurdles.
Anas al-Saleh said after a day-long meeting of finance ministers that there had been agreement on all points of the agenda, including on the mechanism for distributing customs revenues, which has been the biggest hurdle.
He told reporters the GCC secretariat has been asked to "conduct studies to make the mechanism clearer."
Those studies and related issues will be reviewed by the ministers at a meeting in Kuwait City in September, added Saleh, whose country currently holds the GCC's rotating presidency, according to AFP.