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Regional Intergration For and Against Articles - Essay Example

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The Gulf Cooperation Council (GCC) is a multilateral organization which promotes the economic and social integration of six Arab countries in the Persian Gulf. A regional trade bloc with important economic objectives including the eventual establishment of a common currency,…
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Regional Intergration For and Against Articles
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Download file to see previous pages Seeking to understand the important role that regional integration has played with Saudi Arabia and other Gulf states, the following will discuss the evolution of the Gulf Cooperation Council, this literature review will begin with an overview of the history of the GCC and describe the advantages of membership for Saudi Arabia.
A regional trade bloc which includes some of the fastest growing economies in the world, the Gulf Cooperation Council was devised and implemented in 1981 under the auspices of a unified economic agreement which established a unique social and economic bond between the Arab countries of the Persian Gulf region. During these years, the region has witnessed incredible growth, rising gross national product throughout the region and an undeniable boom in natural resources including oil and natural gas. The Gulf Cooperation Council was established as a multilateral organization almost thirty years ago with the intent of fostering economic and social integration among the Arab countries of the Gulf region. Accordingly, economic regional coherence within the bloc includes the formulation of similar regulations across the region with respect to financial transactions, trade, customs and tourism. A coherent economic strategy across the region is an important attributes of the GCC and this has been implemented with an eye to further economic and social integration in the region. Large states such as Saudi Arabia have benefited tremendously, as have smaller states within the region, such as Qatar and Oman. Social integration for the countries of the GCC encourages regional cooperation with the aim of strengthening the ties between the Arab peoples of the Persian Gulf region through a variety of endeavors including joint ventures, multilateral scientific research centers and other social avenues for further growth.
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