HE the GCCSG: The GCC Countries always Strive to EnhanceHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), affirmed that the GCC countries always seek to enhance Read more 26April2024Share this news...tweetCEO of the Hong Kong Special Administrative Region ReceivesMr John Lee, CEO of the Hong Kong Special Administrative Region, received His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Read more 25April2024Share this news...tweetHE GCCSG Meets Senior Officials in Hong KongAs part of the official visit made by His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC) to Hong Kong, upon the Read more 25April2024Share this news...tweetHE GCCSG: We Made Important Progress towards Economic Diversification,His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stated that the Council member states have made Read more 25April2024Share this news...tweetHE the GCCSG Commends the UAE for Hosting the InauguralHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), praised the launch of the first edition of the Gulf Youth Read more 23April2024Share this news...tweet News Events No content found More Events Menu عربي ×News × Events ×Employees Mail × . . × × HomeAbout GCC Member StatesThe CharterOrganizational StructureObjectivesLogo Secretariat General Secretary GeneralAssistant SecretariesTendersJobs GCC AchievementsCurrently selected AchievementsProjects Statements Supreme CouncilMinisterial Council Data Events And Competitions EventsCompetitions Cognitive Sources Laws and RegulationsAgreementsDigital LibraryGCC Statistics Media Center GCC NewsAdvertisingMultimedia LibraryMailing ListLinks Contact US Offices Search Employees Mail The Customs Union The Customs Union الرئيسية›Home›GCC Achievements›Achievements›Economic Cooperation›The Customs Union›Impact of the Customs Union on Intra-GCC Trade AchievementsObjectivesImpact of the Customs Union on Intra-GCC TradeCurrently selectedTransitional Period of the Customs Union (2003-2009)Practical procedures for the establishment of the GCC Customs UnionCustoms Union in regional and international frameworks The growth rates of Intra-GCC trade is not anticipated, in the short run, to reach the rates achieved by the European Union. A study made by the Secretariat prior to the formation of the customs union estimated that the growth of Intra-GCC trade would be 6-30% during the first four years. Those estimations were based on factual basis and were calculated using peer experiences based on the "GCC Integrational Model" due to the great similarity among the economies of the GCC States, the structural characteristics of these States and the continuous trade-restricting conditions during the transitional period.In order to identify the actual advantage of the GCC customs union in such a short time, it was necessary to measure the growth rate of Intra-GCC trade after the formation of the GCC Customs Union and compare that growth rate with the historical growth average of the Intra-GCC trade before the formation of Customs Union.To this effect, detail studies have been conducted. Such studies have analyzed the volume of Intra-GCC trade during the period 1993-2004 in order to be able to compare the volume of Intra-GCC trade before and after the creation of the GCC Customs Union. It was surprising that those studies have indicated a high growth rate in the Intra-GCC trade after the formation of the Customs Union on the 1st of January 2003. That growth was beyond all expectations because the volume of Intra-GCC trade has increased from US$ 11.6 billion in 1993 to US$ 20.3 billion in 2002, i.e. an increase by 75.5% over the past ten years or an average annual growth accounting for some 7.5%.After the formation of the customs union in January 2003, the volume of Intra-GCC trade has increased by an annual growth average that exceeded 20%.
CEO of the Hong Kong Special Administrative Region ReceivesMr John Lee, CEO of the Hong Kong Special Administrative Region, received His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Read more 25April2024Share this news...tweetHE GCCSG Meets Senior Officials in Hong KongAs part of the official visit made by His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC) to Hong Kong, upon the Read more 25April2024Share this news...tweetHE GCCSG: We Made Important Progress towards Economic Diversification,His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stated that the Council member states have made Read more 25April2024Share this news...tweetHE the GCCSG Commends the UAE for Hosting the InauguralHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), praised the launch of the first edition of the Gulf Youth Read more 23April2024Share this news...tweet News Events No content found More Events Menu عربي ×News × Events ×Employees Mail × . . × × HomeAbout GCC Member StatesThe CharterOrganizational StructureObjectivesLogo Secretariat General Secretary GeneralAssistant SecretariesTendersJobs GCC AchievementsCurrently selected AchievementsProjects Statements Supreme CouncilMinisterial Council Data Events And Competitions EventsCompetitions Cognitive Sources Laws and RegulationsAgreementsDigital LibraryGCC Statistics Media Center GCC NewsAdvertisingMultimedia LibraryMailing ListLinks Contact US Offices Search Employees Mail The Customs Union The Customs Union الرئيسية›Home›GCC Achievements›Achievements›Economic Cooperation›The Customs Union›Impact of the Customs Union on Intra-GCC Trade AchievementsObjectivesImpact of the Customs Union on Intra-GCC TradeCurrently selectedTransitional Period of the Customs Union (2003-2009)Practical procedures for the establishment of the GCC Customs UnionCustoms Union in regional and international frameworks The growth rates of Intra-GCC trade is not anticipated, in the short run, to reach the rates achieved by the European Union. A study made by the Secretariat prior to the formation of the customs union estimated that the growth of Intra-GCC trade would be 6-30% during the first four years. Those estimations were based on factual basis and were calculated using peer experiences based on the "GCC Integrational Model" due to the great similarity among the economies of the GCC States, the structural characteristics of these States and the continuous trade-restricting conditions during the transitional period.In order to identify the actual advantage of the GCC customs union in such a short time, it was necessary to measure the growth rate of Intra-GCC trade after the formation of the GCC Customs Union and compare that growth rate with the historical growth average of the Intra-GCC trade before the formation of Customs Union.To this effect, detail studies have been conducted. Such studies have analyzed the volume of Intra-GCC trade during the period 1993-2004 in order to be able to compare the volume of Intra-GCC trade before and after the creation of the GCC Customs Union. It was surprising that those studies have indicated a high growth rate in the Intra-GCC trade after the formation of the Customs Union on the 1st of January 2003. That growth was beyond all expectations because the volume of Intra-GCC trade has increased from US$ 11.6 billion in 1993 to US$ 20.3 billion in 2002, i.e. an increase by 75.5% over the past ten years or an average annual growth accounting for some 7.5%.After the formation of the customs union in January 2003, the volume of Intra-GCC trade has increased by an annual growth average that exceeded 20%.
HE GCCSG Meets Senior Officials in Hong KongAs part of the official visit made by His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC) to Hong Kong, upon the Read more 25April2024Share this news...tweetHE GCCSG: We Made Important Progress towards Economic Diversification,His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stated that the Council member states have made Read more 25April2024Share this news...tweetHE the GCCSG Commends the UAE for Hosting the InauguralHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), praised the launch of the first edition of the Gulf Youth Read more 23April2024Share this news...tweet News
HE GCCSG: We Made Important Progress towards Economic Diversification,His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stated that the Council member states have made Read more 25April2024Share this news...tweetHE the GCCSG Commends the UAE for Hosting the InauguralHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), praised the launch of the first edition of the Gulf Youth Read more 23April2024Share this news...tweet News
HE the GCCSG Commends the UAE for Hosting the InauguralHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), praised the launch of the first edition of the Gulf Youth Read more 23April2024Share this news...tweet