The long-awaited unified law to organize the Arab Gulf Cooperation Council (AGCC) industrial sector has finally been agreed upon and will soon be implemented, following its approval by Gulf economy ministries, Khaleej Times reported.
The Technical Committee formed by the Ministries of Economy and Commerce of the six AGCC states approved the final draft of the law, and immediately submitted it to the Supreme Economic and Financial Cooperation Committee, which have to approve it and pass it on to the Ministerial Committee.
Implementing the industrial law is expected to help lure Gulf investors to bring in more of their capitals into the region's industrial sector and increase the contribution of industry in the Gulf's GDP. The number of nationals employed in industry could rise to almost 75 per cent by the year 2020 if the unified law is immediately adopted.
The AGCC economic accord stresses the need to unify industrial legalization and regulations including anti-dumping laws, cautionary regulations and exchange of industrial expertise.
The removal of customs barriers for Gulf-manufactured products was one of the main issues discussed in the face of the new unified tariff recently implemented to encourage trade in locally manufactured items.
The unified industrial law aims at increasing the volume of investment in the industrial sector. The law is expected to encourage setting up of major ventures between AGCC investors. Moreover, it will help encourage exploitation of local natural resources, especially oil-related industries.