Question

What are the successes of the Gulf economic integration?

Answer 1

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Talking about the Gulf cooperation council (GCC), customs union, joint market with the achievements of date towards inaugurating a common currency is one of the achievements. The economy of the GCC got better fitted to fast-tracking an economic union rather than the European Union which capped its 42 year gestation time by publishing the euro in the year 1999.

Common trade activities: GCC’s incredible achievement to date has been its achievement in stimulating trade within its member states through the customs union and joint market. Simply this had an optimistic impact on mutual trade with nearly $110 billion in trade took within the member states in the yea 2013 and This was the 6-7 amounts greater than in the year 2000, that too before the launch of the union.

-The role of the private sector: The private sector was one of the reasons for the commercial and investment industry within the GCC, though its assistance to the GDP of six member states still falls short. The private sector’s abilities in terms of innovation, eliciting globally competitive brands, institutions are considered to be fortunate.

Moreover, the big role fiddled by the administration sector in GCC economies has enticed many natives while giving them incomes that could potentially earn in private jobs.