Watching Government: Euro today, gulf tomorrow

Six Arab oil-producing nations, which together control half of the world´s known oil reserves, moved toward stabilizing their chronically unstable region in the waning hours of 2001.Leaders from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE agreed at an annual Gulf Cooperation Council (GCC) summit in Oman Dec. 31 to speed the start of a region-wide customs schedule by 2 years.Goods imported from outside those countries will be subject to a 5% tariff by Jan. 1, 2003, instead of 2005.The countries also will establish a single currency, similar to the European Union´s new euro, by 2010. Eventually the six nations, which formed the GCC in 1981, plan a free-trade zone wit...

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