RIYADH, Dec 4 (KUNA) -- GCC resolutions intended to boost flow of commodities among the council member states have contributed to elevating inter-trade from approximately USD six billion in 1984 to some USD 115 billion in 2015.
A report released by the GCC General Secretariat, on Sunday, also noted direct impact of the 2003 decision to establish the GCC customs union on the inter-trade among these countries, climbing by 51 percent that year.
The commercial exchanges among the GCC countries rose from USD 15 billion in 2002 to USD 115 billion in 2015, rising by 657 percent.
The GCC states have removed customs barriers and lifted fees on some commodities. They set up a free trade zone in 1983 and a customs union in 2003. Moreover, they have enforced laws and rules, encouraged national products and the private sector, particularly its role in boosting exports.
Also in this vein, the GCC decided in December 1991 to allow manufacturers in the GCC countries to open branches in any of the Council member states and allowed imports and exports among them without a local agent.
Furthermore, the GCC states decided, in 1993, to establish the GCC Commercial Arbitration Centre, the GCC Standardization Organization, in 2003, and the GCC Customs Union in 2008. (end) yms.rk