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The GCC plans to end its current customs system and may replace it with a simpler one, a UAE official has said.The six nations plan to end the customs system in use, which charges import duty for the country of final destination. The new replacement system will be in place and all issues concerning a GCC customs union will be completed by the end of this year, Saeed Khalifa Saeed Al Marri, deputy director general of the UAECOs federal customs authority, told Bloomberg yesterday.The customs union has been beset by problems that have stopped it from being fully implemented since it was first introduced in 2003. A proposed Gulf single currency is dependant upon the formation of a Gulf common market, which, in turn, relies on the successful implementation of the customs union.C[pounds sterling]It took some time to understand the concept of customs union for both governments and traders,C[yen] said Al Marri. C[pounds sterling]There has been huge progress. We are using the same tariff, and we are using the same point of entry for everyone.C[yen]The customs union stipulates that goods coming into the GCC are charged at a consistent tariff of five per cent and can move around freely among the six member states. Under the current system, import duty is collected at the port of entry and is forwarded to the country of final destination.The UAE, Saudi Arabia, Oman and Kuwait are backing a proposal to allow the country where the goods arrive to keep 95 per cent of the duty paid and distribute the remaining five per cent to the other GCC states based on a pre-determined formula, Al Marri said.
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