Course summary (Cooperation Council for the Arab States of the Gulf):
لمجلس التعاون لدول الخليج العربية
The Cooperation Council for the Arab States of the Gulf Is a
international trade bloc
involving United Arab Emirates, Kingdom
of Bahrain, Kingdom of Saudi Arabia, Sultanate of Oman, State of Qatar, State of Kuwait with many economic and social objectives:
GCC Common market, Custom Union ...
The Cooperation Council for the Arab States of the Gulf GCC Charter states that the basic objectives are to effect coordination, integration and inter-connection between member economies in all fields, strengthening ties between their peoples, formulating similar regulations in various fields: economy, finance,
foreign trade, customs, tourism,
legislation, administration, as well as
encouragement
scientific and technical progress in industry, mining, agriculture, water and
animal resources, establishing scientific research centers, creation of joint
ventures, and encouraging cooperation of the private sector.
In 2002 the Supreme Council of the Cooperation Council for the Arab States of
the Gulf (GCC) approved the launch of the customs union of the Cooperation Council for
the Arab States of the Gulf (GCC) States (entered into force in 2003).
It also approved the procedures recommended by the Financial and Economic Cooperation Committee (The GCC Ministers of Finance and
Economy) for the foundation of the customs union of the Cooperation
Council for the Arab States of the Gulf (GCC) States.
Example of the course Cooperation Council for the Arab States of the Gulf:
Cooperation Council for the Arab States of the Gulf economies have gone so far in the field of
bilateral trade cooperation. They have enhanced such cooperation for the benefit of the
Cooperation Council for the Arab States of the Gulf (GCC) States and citizens, which would consequently improve
Foreign direct investment (FDI) and international trade climate.
Objectives of the foreignl trade cooperation between the Cooperation Council
for the Arab States of the Gulf (GCC) States are summed up in the effort to eliminate tariff barriers among
GCC economies in respect to their export products, exempt such products from customs duties and accord them national treatment, coordinate the exportation and importation policies and create a collective negotiating power in the field of exportation and importation.
India Gulf Cooperation Council (GCC) Free trade agreement:
Introducing the GCC single currency and establishing the Cooperation Council for the Arab States of the Gulf
Monetary Union are the fruit of the Economic integration stages achieved so far. This will increase the advantages of the Economic integration and
improve the gains of the Customs Union and the GCC Common market, as establishing the GCC Monetary Union and introducing the GCC single currency will have many impacts on the various economic sectors, particularly
Intra-GCC trade, tourism and Foreign direct investment (FDI). These impacts will
mostly reveal on the financial services and capital markets, which will reach an increasing growth and
speed up developments.
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