UN General Assembly
2002

continue its broad-based efforts to rid the world completely of all types of weapons of mass destruction. We urge nuclear-weapon States in particular to formulate time-bound programmes to achieve that goal as soon as possible. In that regard, my Government commends the United States and the Russian Federation for having reached an agreement on the reduction of their nuclear arsenals. 24 My country is currently presiding over the Gulf Cooperation Council (GCC), and hosted the twenty- second session of the Supreme Council of the GCC, held in December 2001 in Muscat. That summit resulted in the adoption of many decisions and resolutions and other achievements, including the signing of an economic agreement among member States and an agreement on a standardized customs duty of 5 per cent on all imported goods. That agreement will take effect when a customs union among member States comes into force at the beginning of next year. The Council also took a decision on a unified Gulf currency. That will enhance economic structures, facilitate differential trade and increase the Gulf's competitiveness with other regional