Datamatix organizes GCC Single Currency & Customs Union Forum

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The forum will assess the achievements of the recently established GCC Customs Union, issues associated with customs unification and its role in the regions economic stability. The event is committed to support and encourage both the Government and private sectors thus boosting the GCC regions market mechanism.

The one day session on GCC Customs Union and Single currency is held as part of the Ninth GCC e-Government, Telecom and Internet Forum and is organized under the patronage of His Highness Sheikh Maktoum Bin Mohammed Bin Rashed Al Maktoum, Chairman, Dubai Technology Electronic Commerce and Media Free Zone Authority.

The forum will discuss the teething problems faced by the GCC Customs Union and its immediate effects on the market. A common taxation plan and issues in implementing unified currency system is also to be taken up.

The GCC is following the lead of the EU and two other regional economic blocs - NAFTA (the North American Free Trade Agreement) and ASEAN (the Association of Southeast Asian Nations). A common market, members hope, will boost the GCC's position in the global markets. The GCC plans to implement its monetary union by 2005, paving the road for a common currency by 2010. The GCC Customs Union would link the entry and exit points of GCC states through a computer network. A single customs tariff of 5 percent would be applied to all taxable foreign imports, down from present individual country rates that range between 5 and 15 percent.

This will facilitate the flow of investment into the Gulf and open new markets for GCC non-oil exports.

Ali Al Kamali, Managing Director of Datamatix and the chief organizer of the forum said 'The GCC countries have many common features that make them unique among Arab states. The six GCC states have a combined GDP for nearly 50 percent of the Arab economy. Decisions like the customs union, unifying the customs tariff at five percent and approving a unified customs law will strengthen the GCC march and boost its ties with international trade blocs. The forum will extensively focus on the GCC customs union and on the proposed Single monetary system'.

The 9th GCC E-Government, Telecom & Internet forum (May 10-14 2003) aims to promote better understanding and planned action in addressing issues related to e-government, telecom, internet and its implications on the GCC. It brings together technology leaders and senior government officials responsible from diverse communities across the world. The forum will provide effective interaction between senior professionals entrusted with development and implementation of GCC projects with their counterparts across the world.