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. Last Updated: 07/27/2016

Oil Tariffs Agreed

RIYADH, Saudi Arabia -- Oil-rich Gulf Arab states reached a deal over the weekend to unify their customs tariffs in March 2005, resolving a last-minute dispute that threatened their 18-year ambition to create a regional trading bloc.

"The higher council has approved the customs tariffs. ...The implementation of the customs union will be in March 2005," Saudi Arabia's Foreign Minister Prince Saud al-Faisal said Sunday at a news conference in Riyadh.

He said the agreement outlined three categories of goods. He said some were excluded from tariffs, while basic commodities would have a 5.5 percent tariff and other goods would carry a 7.5 percent duty.