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GCC states to consider abolishing steel and cement tariffs
Recovering construction industry prompts proposed elimination of the 5 percent customs duty on cement and steel from October onwards.
May 17, 2010 11:10 by Rasha Reslan
Six GCC member nations are considering elimination of the five percent customs tariff on imports of cement and steel, Emirates Business 24-7 reports.
At the request of member state Kuwait, finance ministers of the six GCC members will consider the tariff exemption on the two commodities, according to Mohammed Al Mazroui, the GCC’s Assistant Secretary-General for Economic Affairs.
An unnamed senior Gulf official said the expected removal of the tariffs could commence in October in a bid to ease supply of the critical materials, as the construction market begins to recover domestically, the report says.