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Cooperation Council for the Arab States of the Gulf
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The Cooperation Council for the Arab States of the Gulf (CCASG; ), also known as the Gulf Cooperation Council (GCC; ???? ??????? ???????) is a trade bloc involving the six Arab states of the Persian Gulf with many economic and social objectives.
ted on May 25, 1981, the 630 million-acre Council comprises the Persian Gulf states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
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Encyclopedia
The Cooperation Council for the Arab States of the Gulf (CCASG; ), also known as the Gulf Cooperation Council (GCC; ???? ??????? ???????) is a trade bloc involving the six Arab states of the Persian Gulf with many economic and social objectives.
History
Created on May 25, 1981, the 630 million-acre Council comprises the Persian Gulf states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The unified economic agreement between the countries of the Gulf Cooperation Council was signed on November 11, 1981 in Riyadh. These countries are often referred to as Gulf Cooperative Countries.
Not all of the countries neighboring the Persian Gulf are members of the council. Iran and Iraq are currently excluded although both nations have a coastline on the Persian Gulf. The membership of Iraq in certain GCC institutions was discontinued after the invasion of Kuwait. The GCC States have announced that the support the Document of that was adopted at Sharm El-Sheikh on 4-5 May 2007. It calls for regional economic integration with the neighboring states and accession of Iraq to the GCC.
Yemen 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.
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.
The GCC members and Yemen 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.
Key Indicators
| Name | Capital | Population | Area (km²) | GDP (mil. US$) | Per capita (US$) | Currency |
|---|
| | Manama | 1,046,814 | 716 | 15,354 | 23,604 | Bahrain Dinar | | | Doha | 1,307,229 | 11,437 | 52,722 | 80,870 | Qatari Riyal | | | Kuwait City | 2,460,000 | 17,818 | 95,924 | 39,300 | Kuwaiti Dinar | | | Muscat | 2,534,000 | 309,500 | 35,990 | 19,879 | Omani Riyal | | | Riyadh | 26,417,599 | 2,240,000 | 572,200 | 21,200 | Saudi Riyal | | | Abu Dhabi | 4,588,697 | 83,600 | 163,296 | 55,200 | UAE Dirham | |
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;
- encouraging cooperation of the private sector;
- strengthening ties between their peoples; and
- establishing a common currency by 2010 . (However, Oman had announced it will not be able to meet the target date.) (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 Games in Doha, Qatar. 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 Emirates and Qatar. . 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. Qatar is expected to overtake top ranked Luxembourg in GDP (nominal) per capita next year for the world's top spot. See List of countries by GDP (nominal) per capita.
Secretaries-General
- Abdullah Bishara, Kuwait, 26 May 1981 — April 1993
- Fahim bin Sultan al-Qasimi, United Arab Emirates, April 1993 — April 1996
- Jamil ibn Ibrahim al-Hujailan, Saudi Arabia, April 1996 — 31 March 2002
- Abdul Rahman ibn Hamad al-Attiyah, Qatar, 1 April 2002 to date
See also
External links
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- , Chatham House, May 2006
- June 2006
- The Dolphin Project: The Development of a Gulf Gas Initiative, by Justin Dargin, Oxford Institute for Energy Studies Jan 2008 Working Paper NG #22 ISBN
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