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The Cooperation Council for the Arab States of the Gulf (CCASG; ), also known as the Gulf Cooperation Council (GCC; مجلس التعاون الخليجي) is a political and economic union involving the six Arab states of the Persian Gulf with many economic and social objectives.

Members









History

Created on May 25, 1981, the Council comprises the Persian Gulfmarker states of Bahrainmarker, Kuwaitmarker, Omanmarker, Qatarmarker, Saudi Arabiamarker and the United Arab Emiratesmarker. The unified economic agreement between the countries of the Gulf Cooperation Council was signed on November 11, 1981 in Riyadhmarker. These countries are often referred to as The GCC States.

Not all of the countries neighboring the Persian Gulfmarker are members of the council. Iranmarker and Iraqmarker are currently excluded although both nations have a coastline on the Persian Gulfmarker. The associate membership of Iraqmarker in certain GCC-related institutions was discontinued after the invasion of Kuwait. The GCC States have announced that they support the Document of The International Compact with Iraq that was adopted at Sharm El-Sheikhmarker on 4-5 May 2007. It calls for regional economic integration with the neighboring states but there is no prospect of Iraqi accession to the GCC.

Yemenmarker is ( ) in negotiations for GCC membership, and hopes to join by 2016.. The GCC has already approved Yemen's accession to the GCC Standardization Authority, Gulf Organization for Industrial Consultancy, GCC Auditing and Accounting Authority, Gulf Radio and TV Authority, The GCC Council of Health Ministers, The GCC Education and Training Bureau, The GCC Council of Labor & and Social Affairs Ministers, and The Gulf Cup Football Tournament. The Council issued directives that all the necessary legal measures be taken so that Yemen would have the same rights and obligations of GCC member states in those institutions. There is, however, strong resistance to full Yemeni membership amongst most GCC states, due to the country's poverty, large population, and different system of government.

The GCC Patent Office was approved in 1992 and established soon after.

A GCC common market was launched on January 1, 2008. The common market grants national treatment to all GCC firms and citizens in any other GCC country, and in doing so removes all barriers to cross country investment and services trade. A customs union was declared in 2003, but practical implementation has lagged behind. Indeed, shortly afterwards, Bahrain concluded a separate Free Trade Agreement with the USA, in effect cutting through the GCC's agreement, and causing much friction.

The GCC members and Yemenmarker are also members of the Greater Arab Free Trade Area (GAFTA). However, this is unlikely to significantly affect the agenda of the GCC as it has a more aggressive timetable than GAFTA and is seeking greater integration.

Main objectives

Among the stated objectives are:
  • formulating similar regulations in various fields such as economy, finance, trade, customs, tourism, legislation, and administration;
  • fostering scientific and technical progress in industry, mining, agriculture, water and animal resources;
  • establishing scientific research centers;
  • setting up joint ventures;
  • unified millitary presence The Peninsula Shield
  • encouraging cooperation of the private sector;
  • strengthening ties between their peoples; and
  • establishing a common currency by 2010;
However, Omanmarker had announced in December 2006 it will not be able to meet the target date and the UAEmarker have announced their withdrawal from the monetary union project in May 2009. This happened immediately after it was announced that the central bank for the monetary union would be located in Riyadhmarker and not in the UAEmarker. The name Khaleeji has been proposed as a name for this currency.


Economy

For main article see Economy of the Cooperation Council for the Arab States of the Gulf

This area has some of the fastest growing economies in the world, mostly due to a boom in oil and natural gas revenues coupled with a building and investment boom backed by decades of saved petroleum revenues. In an effort to build a tax base and economic foundation before the reserves run out, the UAE's investment arms, including Abu Dhabi Investment Authority, retain over $900 billion in assets. Other regional funds also have several hundred billion dollars.

The region is also an emerging hotspot for events, including the 2006 Asian Gamesmarker in Dohamarker, Qatarmarker. Doha also submitted an application for the 2016 Summer Olympic Games, although this bid was unsuccessful having recently been dropped from the list of candidate cities.

In 2006, its GDP (nominal) was $717.8 billion (IMF April 2007), led by spectacular growth in United Arab Emiratesmarker and Qatarmarker.. In 2007, its GDP (nominal) was $1,022.62 billion (IMF April 2008). IMF predicts its GDP to reach $1,112.076 billion at end of 2008 and $1,210.112 billion at end of 2009. Qatarmarker is expected to overtake top ranked Luxembourgmarker in GDP (nominal) per capita next year for the world's top spot. See List of countries by GDP per capita.

Recently, the leaders of the Council have come under fire for doing too little to combat the economic downturn. While GCC countries were among the first hit - and the first to respond to the crisis - their programs have been prone to disparities, and they have placed their region on the brink of even deeper crises. Recovery plans have been criticized for crowding out the private sector, failing to set clear priorities for growth, failing to restore weak consumer and investor confidence, and undermining long-term stability.

Secretaries-General



Logo

The logo of the GCC consists of two concentric circles. On the upper part of the larger circle, the Basmala phrase is written in Arabic. On the lower part of that circle, the Council's full name is written in Arabic. The inner circle contains an embossed hexagonal shape representing the Council's six member countries. The inside of the hexagon is filled by a map encompassing the Arabian Peninsula, on which the areas of the member countries are colored brown. No borders are shown.

See also



References

  1. http://www.gccsg.org/eng/index.php?action=GCC
  2. see GCC statement on Media Cooperation
  3. see Political Affairs
  4. see The Closing Statement of the Twenty Second Session GCC The Final Communiqué of The 29th Session
  5. Arab Times :: GCC states to launch joint market today
  6. [1]
  7. See references in List of countries by GDP
  8. Arab Countries Stumble in the Face of Growing Economic Crisis, http://carnegieendowment.org/publications/index.cfm?fa=view&id=23120&prog=zgp&proj=zie,zme


External links





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