Wednesday, January 2, 2008

Gulf Common Market

Hot on news is the formation of the Common market among the 6 GCC countries, of which Omna is a member.

This will have economic, social and financial impact within these economies. For example it will be easy for GCC residents can buy property and start business within any of the GCC countries. The member countries will benefit from free trade relations among each other which will be a great boost for several industries. Even the corporate tax within these countries can become equal and thus cutting competion between the members.

Any ideas as to what will be other effects of this?

3 comments:

muscati said...

Remember the GCC custom union? How come I still pay custom duty whenever I have stuff bought and sent over from Dubai?

Like most GCC announcements, I'm taking this one with quite a bit of skepticism and won't believe it till I see it. I hope Oman doesn't become the country that immediately opens up its doors to the others while the others take their sweet time to do the same.

Anonymous said...

Yes, as all high level talks it will take a lot of time for the benefits to reach the actal consumers and make a difference in their lives. Until then practice Zen with optimism ;-)

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