Gulf Cooperation Council

EENI- School of International Business

Subject (Course): The Cooperation Council for the Arab States of the Gulf (GCC). Syllabus:

1. Introduction to the Cooperation Council for the Arab States of the Gulf (the Middle East): Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates
2. Objectives of the Gulf Cooperation Council
3. Organisational structure.
4. Economic, international trade and customs cooperation.
5. Economic nationalisation.
6. Monetary union and single currency.
7. Economic agreement between the Gulf Cooperation Council States (GCC).
8. Implementation procedures for the Gulf Cooperation Council Customs Union.
9. Economic relations with the other economic groupings.
10. The Federation of the Gulf Cooperation Council Chambers of Commerce.
11. Intra Gulf Cooperation Council international trade. Statistics.
12. Free Trade Agreements (FTA) with Australia, New Zealand, Japan, Singapore, Thailand, Bahrain, India, the MERCOSUR, the European Free Trade Association (EFTA), and the European Union (EU)
13. Arab Gulf Programme for United Nations Development Organisations (AGFUND)

The objectives of the subject “The Gulf Cooperation Council (GCC)” are the following:

1. To understand the aims and structure of the Gulf Cooperation Council
2. To evaluate the benefits for the Gulf Cooperation Council member countries and the cooperation areas (economic, trade, customs)
3. To analyse the process of economic integration (Customs Union) and international trade among the member countries of the Gulf Cooperation Council
4. To understand the monetary union of Gulf Cooperation Council
5. To analyse the international relations of the Gulf Cooperation Council (FTAs)

Sample of the subject - Cooperation Council for the Arab States of the Gulf (GCC):

Subject Description (Cooperation Council for the Arab States of the Gulf):

The Cooperation Council for the Arab States of the Gulf (GCC) is an international trade bloc involving the United Arab Emirates, the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar, and the State of Kuwait with many economic and social objectives: Gulf Cooperation Council Common Market and Customs Union.

Cooperation Council for the Arab States of the Gulf

The Cooperation Council for the Arab States of the Gulf Charter states that the core 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 spheres: 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 centres, creation of joint ventures, and encouraging cooperation with 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 States (entered into force in 2003).

It also approved the procedures recommended by the Financial and Economic Cooperation Committee (The Gulf Cooperation Council Ministers of Finance and Economy) for the foundation of the customs union of the Cooperation Council for the Arab States of the Gulf States.

The Gulf Cooperation Council (GCC) 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 States and citizens, which would consequently improve Foreign direct investment and international trade climate.

The objectives of the foreign trade cooperation between the Cooperation Council for the Arab States of the Gulf States are summed up in the effort to eliminate tariff barriers among Gulf economies with 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.

The Gulf Cooperation Council (GCC) belongs to the Arab Economic Area of the Islamic Civilisation.

The Gulf Cooperation Council's Free Trade Agreements (FTA) (لمجلس التعاون لدول الخليج العربية):

1. India-Cooperation Council for the Arab States of the Gulf Agreement (الهند - دول مجلس التعاون الخليجي اتفاقية التجارة الحرة)
2. United States-Bahrain Agreement
3. Agreement on economic cooperation between the Cooperation Council for the Arab States of the Gulf and the MERCOSUR
4. European Union-Cooperation Council for the Arab States of the Gulf Cooperation Agreement (الاتحاد الاوروبي - مجلس التعاون الخليجي اتفاقية التجارة الحرة)
5. Australia-Gulf Cooperation Council (GCC) FTA
6. Gulf Cooperation Council's Free Trade Agreements with the ASEAN, New Zealand, Japan, Singapore, Thailand, Bahrain, the MERCOSUR, the European Free Trade Association (EFTA)
7. (اتفاقيات التجارة الحرة لدول مجلس التعاون الخليجي: الاسيان واستراليا ونيوزيلندا واليابان وسنغافورة وتايلاند والبحرين وميركوسور، رابطة التجارة الحرة الأوروبية)

Introducing the Gulf Cooperation Council 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 Gulf Cooperation Council Common Market, as establishing the GCC Monetary Union and introducing the GCC single currency will have many impacts on the various economic sectors, especially in the Intra-Gulf Cooperation Council 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.

Case Study: prominent Muslim Businessman in the region of the Gulf Cooperation Council (GCC):

1. HRH Al Waleed Bin Talal
2. Sulaiman Al-Rajhi
3. Lubna Olayan
4. Mohamed Bin Issa Al Jaber
5. Mohammed Hussein Ali Al-Amoudi
6. Hayat Sindi
7. Yusuf Bin Ahmed Kanoo
8. Majid Al Futtaim
9. Lubna Bint Khalid Al Qasimi
10. Abdul Aziz Ghurair
11. Reem Ebrahim Al-Hashimi
12. Amina Al Rustamani
13. Shaikha Al Maskari
14. Nasser Al Kharafi
15. Jawad Ahmed Bukhamseen
16. Shaikha Al Bahar
17. Maha Al-Ghunaim
18. Mohammed Al-Barwani
19. Hanan Al Kuwari