GCC becomes strong economic power
GCC summit 12/10/2009 11:38:00 AM
KUWAIT, Dec 10 (KUNA) -- Gulf Cooperation Council (GCC) proved that it was one of the strongest economic powers by aiming at economic unity while facing political and economic challenges, a study conducted recently said.
Economic unity of the GCC was initiated through the establishment of the free trade zone back in 1983 followed by the custom union in 2003, joint Gulf market in 2008, along attempts to launch GCC's monetary union by 2010, professor of Economics at Kuwait University Dr. Riyadh Al-Faras stated in a study published by KUNA.
GCC's adopted an open policy directed towards boosting commercial relations with influential regional economic powers to establish a free zone that would grant the organization its ticket for global market, Al-Faras said in his study titled "The GCC and Global Economic Powers" and issued to coincide with 30th GCC summit.
This step came to meet up with the dynamic changes that the global economic system and new commercial systems were witnessing, he said in his study published in KUNA's issue titled "Summit of Kuwait and GCC Ambition." The study touched on the negotiations that took place between the GCC, Arab countries, EU, and others while noting that even after 25 years, negotiations did not bear the fruits sought.
It accounted for that by saying that the GCC was always aiming at joining economic forces with strong economic players without taking into account the differences in political and economic stances.
A number of recommendations were listed such as considering the country's economy, population, and per capita income as these factors determine the size of foreign investment, imports, services and demand of member countries. It also called on studying the volume of commercial exchange among member countries or that between the GCC and another party especially the GCC's oil and petrochemical exports, along Gulf investments at the end designated. (end) kg.aia KUNA 101138 Dec 09NNNN
GCC summit 12/10/2009 11:38:00 AM
KUWAIT, Dec 10 (KUNA) -- Gulf Cooperation Council (GCC) proved that it was one of the strongest economic powers by aiming at economic unity while facing political and economic challenges, a study conducted recently said.
Economic unity of the GCC was initiated through the establishment of the free trade zone back in 1983 followed by the custom union in 2003, joint Gulf market in 2008, along attempts to launch GCC's monetary union by 2010, professor of Economics at Kuwait University Dr. Riyadh Al-Faras stated in a study published by KUNA.
GCC's adopted an open policy directed towards boosting commercial relations with influential regional economic powers to establish a free zone that would grant the organization its ticket for global market, Al-Faras said in his study titled "The GCC and Global Economic Powers" and issued to coincide with 30th GCC summit.
This step came to meet up with the dynamic changes that the global economic system and new commercial systems were witnessing, he said in his study published in KUNA's issue titled "Summit of Kuwait and GCC Ambition." The study touched on the negotiations that took place between the GCC, Arab countries, EU, and others while noting that even after 25 years, negotiations did not bear the fruits sought.
It accounted for that by saying that the GCC was always aiming at joining economic forces with strong economic players without taking into account the differences in political and economic stances.
A number of recommendations were listed such as considering the country's economy, population, and per capita income as these factors determine the size of foreign investment, imports, services and demand of member countries. It also called on studying the volume of commercial exchange among member countries or that between the GCC and another party especially the GCC's oil and petrochemical exports, along Gulf investments at the end designated. (end) kg.aia KUNA 101138 Dec 09NNNN