Question

What does Gulf economic integration mean?

Answer 1

GULF ECONOMIC INTEGRATION

The GCC { Gulf Cooperation Council } is the intergovernmental regional organization which aims at political and economic integration among the gulf countries. The GCC constitutes the nations: Qatar, Kuwait, Saudi Arabia, Oman, UAE and Bahrain. The council is formed on the year 1981 to promote the corporation and integration among the nations.

The economic integration among the gulf countries aim at a gulf common single market. And also the unified trade agreement among the nations in the gulf region. And also the integration aims at a joint and united economic integration and also to enhance the financial integration and unity among the nations. And the economic integration targets at the establishment of the GCC customs union.

And the most important objective of the economic integration is the idea of the "Gulf common market". GCC is the council which promotes and enhances the economic integration between the nations and this is done by increasing the mutual cooperation among the nations. And it is the best way to boost up such plans.

The other objectives of the economic integration are to enhance the coordination, cooperation and interdependence among the nations. And also the economic policies which strengthens and will widely influenced to promote the Cooperation among the member countries in various fields. And also to ensure the similar economic policies and regulations in the commerce, finance, customs and other important fields. It also targets at the scientific and technological developments among the nations both in public and private sector to boost up the progress.

Gulf integration is an ongoing process and it has started with the establishment of free trade zone among the gulf countries in 1983. The trade barriers among the nations have removed and give a way for a free trade among the nations. And the establishment of GSS Customs Union in the year 2003 and the establishment of Gulf Common Market in the year 2008, are the mile stones in the process of economic integration among the gulf countries.

The members of the GCC are the  most important nations in the case of GDP. And now there is ongoing works to establish a single Monetary Union among the nations and most importantly a single common GCC currency among the nations.