A two day conference on challenges faced by proposed GCC single monetary system and the GCC unified customs

Dubai UAE (PRWEB) July 30, 2003 -- Datamatix organizes the conference Future Challenges for GCC Single Currency & Unified customs" to be held on the 18th and 19th of October 2003 at the Dubai World Trade Centre, Dubai UAE. The forum will assess achievements of the recently established GCC Customs Union and will discuss on the issues associated with customs unification and its role in strengthening the regions economic stability and expansion of the private sector's role in the economical growth. The event is committed to support and encourage both the Government and private sectors thus boosting the GCC regions market mechanism.

The various sessions on GCC Customs Union and Single currency is held as part of the GITEX 2003 Conferences. The forum discusses on 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 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 GCCs position in free trade negotiations with these blocs. 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 for all taxable foreign imports, down from 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 unified customs, unifying the customs tariff at five percent and approving a unified customs law will strengthen the GCC march and boost its ties with international blocs. The forum will extensively focus on the GCC customs union and the proposed Single monetary system.

For all additional information please refer to our website,
www.datamatix-dubai.com

Media Contact: Mr. Eihab Hussain
Tel: 009714 3326688 | Fax: 009714 3328223
Email: eihab@datamatix-dubai.com

###