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Unification of customs doubles Gulf trade to $240 billion: Naqi

Paving the way for economic unity will increase the capacity for creating suitable jobs for GCC citizens and residents

Abdul Rahim Naqi, Secretary-General of the GCC Chambers Union, said that the unification of customs procedures will double the trade volume between GCC countries from its current level of $120 billion.

In an interview with Alarabiya TV, Naqi warned of delays in the implementation of Customs Union procedures, which will reflect on the delay in the arrival of goods, leading to an increased financial burden on commercial companies.

Naqi reviewed some of the challenges that face exporting and importing companies, especially the waiting period for sensitive goods to clear the borders.

The Secretary-General believes paving the way for economic unity will increase the capacity for creating suitable jobs for the citizens and residents of Gulf states.

During the interview, Naqi talked about the Gulf Economic Forum, which begins on October 25 in Doha and, through specialised sessions, headed by executives and experts from major consulting economic institutions, aims to discuss the best ways to effect the decisions of the Economic Unity Council leader in facilitating business.

Naqi said that the forum will discuss the challenges of the Gulf private sector, as well as the issues of strengthening communication tools with official authorities in order to achieve the aspirations of the private sector and raising its participation in the decision-making process. This will lead to more facilities being granted for international trade and mutual investment between the Gulf states.

($1 = AED3.67, at the time of publishing)