	gulf arab states move towards economic integration finance and economy ministers of the six nation gulf cooperation council gcc have ended talks after adopting resolutions and recommendations aimed at boosting economic integration but the ministers from bahrain kuwait oman qatar saudi arabia and the united arab emirates uae did not endorse a resolution on a common currency exchange rate system the uae s minister of state for finance and industry ahmed humaid al tayer told reporters after the two day talks that the ministers referred the issue back to gcc central bank governors for further discussion he said the governors who agreed in january on a proposed denominator on which the six currencies should be based were asked to resubmit the recommendation before july when finance ministers were due to meet in saudi arabia bankers said the central bank governors would meet soon to discuss the issue adding there was a possibility that a new system could be submitted for final approval to a gcc summit conference scheduled to be held in saudi arabia late this year the denominator approved by the governors has not been made public but banking sources said it could be similar to the european monetary system ems tayer said the ministers agreed in principle to allow gcc citizens to set up businesses and work in any member state they also agreed in principle on a recommendation for citizens to buy and own shares of gcc shareholding firms he said the ministers discussed a report on imported goods containing radiation caused by last year s chernobyl nuclear disaster in the soviet union and agreed all products with excessive levels should be returned to the country of origin reuter 
