In the modern world,there has been a lean on formation of trade blocks.Many countries in the world have come together to form trading blocks which acts as a platform for negotiation on matters concerning trade.In Europe there it the EU,in America there is NAFTA,in Latin America there is the MERCOSUR,and in the Middle East there is the AGCC…
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In the modern world, there has been a lean on formation of trade blocks. Many countries in the world have come together to form trading blocks which acts as a platform for negotiation on matters concerning trade.In Europe there it the EU,in America there is NAFTA,in Latin America there is the MERCOSUR,and in the Middle East there is the AGCC.The Arabian Gulf Cooperation Council is the economic and political forum that coordinates policy making for at least six member states including the states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Individual countries have found it difficult to air their voices in the world on matters concerning trade and trade blocks have been found to be more influential in making trade agreements.This council was crated in May 19981 with an objective of coordinating, integrating and interconnecting the member states to work together in all fields. It was also formed with an intention of strengthening the ties between the member states and their people, formulating and regulating rules and regulating in economic fields. In this mandate the council was formed with an aim of putting in place regulation on economy, finance, trade, customs, tourism, legislation, administration, research and development, mining, agriculture, water and animal resources, and coordinating scientific research centers with the input of the private sector. The council does not impose trade policies upon its member states but each state put in place its own trade laws. Of recent past there is growing need for the member states to cooperate with each other on matters concerning customs duties, intellectual property, and setting of standards and coordination of intra states investments. Under the guidance of the AGCC, member states have implemented a customs union since 2003 which seeks to unify tariffs among the member states. This means at the member states have adopted some common customs laws and procedures in the trade. It also shows that the member states have adopted a single point of entry in the region fro all international trade. It also seeks to move toward treatment of goods as national origin for member states within the GCC. This means that they would have same origin as a member block rather than indicating the origin of goods to be a particular country.
After arriving at an agreement for a common market, the council is now moving towards establishing a monetary union. The country is expected to come up with a monetary union by 2010. In coming up with a common monetary union, the council expects that the economy of the region will improve and at the same time there will be increased trade with the outside world. The council has been representing the member state making trade agreements with other trade block in the world like the EU and others. It has been negotiating for free and fair trade agreements with other trade block. In particular, the council has been negotiating with the EU on harmonizing the trade between the two states with the understanding that Gulf region is home to more than 38% of the world crude reserves. (EU External Relations, 2007)
The proposed work by the council
One of the most important works that has been accomplished by the council is setting up of a common market. The common was launched on January 2008 and is expected to increase the trade among the countries by 25 percent by 2010 from the current 10 percent for all the foreign trade. With a combined economy of more than 700 billion US dollars, this market is expected to attract other international traders into the region.
One of the proposed works by the council is the achievement of a common currency by 2010. This is expected to stir trade in the region and bring about equality among the market members. The common market aims at achieving not only free movement of goods in the region but also movement of labor and capital. Free movement of labor will even involve the right for individuals to work in
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(The Mission of Arabian Gulf Cooperation Council Essay)
“The Mission of Arabian Gulf Cooperation Council Essay”, n.d. https://studentshare.org/politics/1522415-the-mission-of-arabian-gulf-cooperation-council.
Six Arab countries that include The United Arab Emirates, The Sultanate of Oman, The State of Qatar, The State of Bahrain, The State of Kuwait, and The Kingdom of Saudi Arabia formed the Gulf Cooperation Council (The Cooperation Council for the Arab states of the Gulf, 2012, p.1).
The council was created on May 25, 1981 while on November 11, 1981, a unified economic agreement was signed between the partner countries. After the signing of the agreement in Riyadh, Saudi Arabia, the member countries were referred to as the Gulf Cooperative Countries.
This essay mainly focuses on the characterization of the current level of political and economic integration among member countries of GCC. It also exposes major hindrances on the path of such integration, that become apparent in the countries of GCC. A belief that globalization creates world peace is supported by the countries of the union.
Bank loans were the major source of debt financing till date. In recent times, Debt financing has added a new instrument by issuing bonds.
Bonds are loans raised from market where, principal and interest in the form of coupons have to be paid periodically on agreed terms.
Currently, approximately 120 million tons of waste is produced in the Gulf Cooperation Council countries (GCC) putting the region in the top ten worldwide ranking of the biggest waste producers per capita. The United Arab Emirates
The scope of investments in this real estate sector of GCC is becoming huge. These huge scopes of investment along with the speed at which investments have taking place are providing the construction industry of the GCC region with a huge set of
Gulf Cooperation Council was started in 1981 by the leaders of the state of Kuwait, Qatar, Bahrain, Oman, United Arab Emirates and Saudi Arabia (Rashid, 21). The purpose of the council was to promote and enhance close ties among the member states and by formulating strategies to ensure that non-GCC countries would not intimidate its members or attack them. As a result, the council engages in integration courses including peace campaigns in its member’s countries (23).
2 Pages(500 words)Essay
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