#Regulations

Iran War Prompts GCC Countries to Reduce Regional Trade Barriers

Faced with supply chain disruptions from the Iran war and Strait of Hormuz blockade, GCC countries are removing customs barriers and rerouting cargo through alternative land routes. The GCC signed a comprehensive Free Trade Agreement with the United Kingdom on May 20, eliminating customs duties and tariffs. Dubai's Hatta checkpoint saw customs declarations surge from $270 million in March to $2.16 billion in April, while goods through Ramlet Khelah nearly trebled to $830 million in March from $300 million in February.