Reuters reported that Gulf Arab countries plan to resolve all outstanding issues about their customs union over the next three years in order to have it fully operational by 2015.

UAE Minister of State for Financial Affairs Mr Obaid Humaid al-Tayer after a Gulf finance ministers' meeting in the United Arab Emirates' capital Abu Dhabi told a news conference that “What we have agreed upon, that in the next three years, meaning 2011 to 2014, we should complete all the pending issues in regard to the customs union. We hope that it becomes effective January 1st 2015.”

The introduction of the customs union in 2003 had been hailed by officials as a major achievement countering criticism that the Gulf Arab bloc would be unable to realize economic integration in the world's top oil exporting region.

(Sourced from Reuters)