To ease the supply strain felt mostly in Saudi Arabia, the Gulf countries are now expected to abolish a 5% steel import duty within one or two months.

In a meeting on Saturday, the finance ministers of the Gulf Cooperation Council, Al-Attiyah said the topics of economic integration would be taken up during the half-yearly consultative summit in Riyadh. The influential’s involved would be from Saudi Arabia, Qatar, Bahrain, Oman, Kuwait and the UAE.

Some impending topics like the Gulf Common Market and the Customs Union will be discussed upon by the GCC leaders (six-nation Gulf Cooperation Council). Also matters related to removing obstacles facing economic integration and improving performance will be put to light.

While, strengthening economic and financial cooperation, between the six member countries was one such issue that had been frequently raised, they had also discussed issues, related to the monetary union and the customs union on the Saturday meet.

"GCC citizens are looking forward to benefit from the fruits of economic integration, especially a customs union," Al-Attiyah told the meeting. A swift conformity was to be reached, "This committee which set out the basis of a customs union is capable of removing all obstacles facing the union," he said.

The steel demand had elevated in the second half of 2009 in Saudi Arabia due to the extensive state spending by the world's top oil exporter so as to diversify the economy and defy the effects of the global monetary dip.

Though, the council did not really have any major issues, about the approval, but since there was a consensus among GCC countries, about this proposal, so it would probably need a month or so to be implemented, an official from GCC secretariat remarked.