GULF ARAB STATES MOVE TOWARDS ECONOMIC INTEGRATION
Finance and economy ministers of the
six-nation Gulf Cooperation Council (GCC) have ended talks
after adopting resolutions and recommendations aimed at
boosting economic integration.
    But the ministers from Bahrain, Kuwait, Oman, Qatar, Saudi
Arabia and the United Arab Emirates (UAE) did not endorse a
resolution on a common currency exchange rate system.
    The UAE's Minister of State for Finance and Industry, Ahmed
Humaid al-Tayer, told reporters after the two-day talks that
the ministers referred the issue back to GCC central bank
governors for further discussion.
    He said the governors, who agreed in January on a proposed
denominator on which the six currencies should be based, were
asked to resubmit the recommendation before July, when finance
ministers were due to meet in Saudi Arabia.
    Bankers said the central bank governors would meet soon to
discuss the issue, adding there was a possibility that a new
system could be submitted for final approval to a GCC summit
conference scheduled to be held in Saudi Arabia late this year.
    The denominator approved by the governors has not been made
public, but banking sources said it could be similar to the
European Monetary System (EMS).
    Tayer said the ministers agreed in principle to allow GCC
citizens to set up businesses and work in any member state.
They also agreed in principle on a recommendation for citizens
to buy and own shares of GCC shareholding firms.
    He said the ministers discussed a report on imported goods
containing radiation caused by last year's Chernobyl nuclear
disaster in the Soviet Union, and agreed all products with
excessive levels should be returned to the country of origin.
 REUTER
