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What is GCC?
Credit: en.wikipedia.org
Created on May 25, 1981, the 630-million-acre (2,500,000 km2) 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 The GCC States.
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 associate membership of Iraq in certain GCC-related
institutions was discontinued after the invasion of Kuwait. The GCC States have
announced that they support the Document of The International Compact with Iraq
that was adopted at Sharm El-Sheikh on 4-5 May 2007. It calls for regional
economic integration with the neighboring states but there is no prospect of
Iraqi accession to the GCC.
Yemen is (currently) 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. There is, however, strong resistance to full Yemeni membership
amongst most GCC states, due to the country's poverty, large population, and
different system of government.
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.
A customs union was declared in 2003, but practical implementation has lagged
behind. Indeed, shortly afterwards, Bahrain concluded a separate Free Trade
Agreement with the USA, in effect cutting through the GCC's agreement, and
causing much friction.
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.