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Riyadh: Oman has not been ruled out of joining the GCC single currency by 2010, according to a top official.
Speaking after a meeting with lawyers and legal consultation firms in Riyadh yesterday, Abdul Rahman Al Attiyah, Gulf Cooperation Council secretary-general, said that Oman wants the removal of certain barriers and all states to meet the requirements set out by the GCC in reaching a common market.
"A meting for governors of central banks in GCC member states will be held in Madinah, Saudi Arabia, and it is hoped that views will be brought together during this meeting," he said.
He noted that the GCC Arbitration Centre was a vital body for the member states.
During yesterday's meeting, which focused on cross border trade within the GCC, Al Attiyah also urged the private sector in the GCC states to use the centre to tackle all matters related to contract disputes and disagreements. He pointed out that commercial arbitration would help solve some of the problems within the GCC states' collective economies, adding that the council supported the establishment of commercial courts.
And Al Attiyah also urged the legal profession to set up a general assembly for all lawyers in the member states to streamline legal practices.
"Cooperation between GCC lawyers is very important at this stage, particularly as a common market will be announced at the forthcoming Muscat GCC summit in December," he stressed.
He pointed out that law firms are having increasing vital roles due to the economic development of GCC states.
Chairman of the Council of the Saudi Chambers of Commerce and Industry (CSCCI) Abdul Rahman Al Rashid echoed Al Attiyah's comments and underlined the important role to be played by GCC lawyers in the international arena.
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