Cooperation Council for the Arab States of the Gulf
مجلس التعاون لدول الخليج العربية
Cooperation Council for the Arab States of the Gulf (CCASG)
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Map indicating CCASG members
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Official languages | Arabic | |||||
Type | Trade bloc | |||||
Membership | Arab Gulf states (6) | |||||
Leaders | ||||||
- | Secretary-General | Abdul Rahman ibn Hamad al-Attiyah | ||||
Establishment | ||||||
- | As the Gulf Cooperation Council (GCC) | May 25, 1981 |
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Population | ||||||
- | estimate | 35,869,438 | ||||
Currency | see footnote 1 | |||||
Website http://www.gcc-sg.org/ |
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1 | Common currency planned for introduction in 2010. Present currencies (ISO 4217 codes in brackets): Bahraini dinar (BHD) • Kuwaiti dinar (KWD) • Omani rial (OMR) • Qatari riyal (QAR) • Saudi riyal (SAR) • UAE dirham (AED) |
The Cooperation Council for the Arab States of the Gulf (CCASG; Arabic: مجلس التعاون لدول الخليج), also known as the The Gulf Cooperation Council (GCC; مجلس التعاون الخليجي) is a trade bloc involving the six with many economic and social objectives.
Contents |
History
Created on May 25, 1981, the 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 11 November 1981 in Riyadh. These countries are often referred to as Gulf Cooperative Countries.[1]
Not all of the countries neighboring the Persian Gulf are members of the council. Iran is excluded, as is Iraq, although both nations have a coastline on the Persian Gulf. Yemen is (currently) in negotiations for GCC membership, and hopes to join by 2016.[2]
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 centres;
- setting up joint ventures;
- encouraging cooperation of the private sector;
- strengthening ties between their peoples; and
- establishing a common currency, the Khaleeji, by 2010. (However, Oman had announced it will not be able to meet the target date.)
Economy
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 Fund, 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 is also planning to submit its application for the 2016 Summer Olympic Games.
In 2006, its GDP nominal per capita was $717.8 billion dollars (IMF April 2007), led by spectacular growth in United Arab Emirates and Qatar. [3]. Qatar is expected to overtake top ranked Luxembourg in GDP (nominal) per capita next year for the world's top spot. See List of countries by GDP (nominal) per capita.
Secretaries-General
- [4], Kuwait, 26 May 1981 — April 1993
- , United Arab Emirates, April 1993 — April 1996
- , Saudi Arabia, April 1996 — 31 March 2002
- , Qatar, 1 April 2002 to date
Comparison with other regional blocs
Regional bloc1 | Area (km²) | Population | GDP (PPP) ($US) | Member states1 |
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in millions | per capita | ||||
Agadir | 1,703,910 | 126,066,286 | 513,674 | 4,075 | 4 |
AU | 29,797,500 | 897,548,804 | 1,515,000 | 1,896 | 53 |
ASEAN | 4,400,000 | 553,900,000 | 2,172,000 | 4,044 | 10 |
CACM | 422,614 | 37,816,598 | 159,536 | 4,219 | 5 |
CARICOM | 462,344 | 14,565,083 | 64,219 | 4,409 | (14+1)3 |
CCASG / GCC | 2,285,844 | 35,869,438 | 536,223 | 14,949 | 6 |
CEFTA | 298,148 | 28,929,682 | 222,041 | 7,675 | (7+1)3 |
EU | 4,325,675 | 496,198,605 | 12,025,415 | 24,235 | 27 |
EurAsEC | 20,789,100 | 208,067,618 | 1,689,137 | 8,118 | 6 |
EFTA | 529,600 | 12,233,467 | 471,547 | 38,546 | 4 |
GUAM | 810,506 | 63,764,600 | 456,173 | 7,154 | 4 |
NAFTA | 21,588,638 | 430,495,039 | 15,279,000 | 35,491 | 3 |
PARTA | 528,151 | 7,810,905 | 23,074 | 2,954 | (14+2)3 |
SAARC | 5,136,740 | 1,467,255,669 | 4,074,031 | 2,777 | 8 |
Unasur / Unasul | 17,339,153 | 370,158,470 | 2,868,430 | 7,749 | 12 |
UN and countries for reference2 |
Area (km²) | Population | GDP (PPP) ($US) | Units4 | |
in millions | per capita | ||||
UN | 133,178,011 | 6,411,682,270 | 55,167,630 | 8,604 | 192 |
Brazil | 8,514,877 | 188,078,261 | 1,594,482 | 9,108 | 27 |
Canada | 9,984,670 | 32,507,874 | 1,165,000 | 35,200 | 13 |
India | 3,287,590 | 1,102,600,000 | 4,042,000 | 3,700 | 35 |
Japan | 377,873 | 128,085,000 | 4,220,000 | 33,100 | 47 |
PR China5 | 9,596,960 | 1,306,847,624 | 10,000,000 | 7,600 | 33 |
Russia | 17,075,200 | 143,782,338 | 1,723,000 | 12,100 | 89 |
USA | 9,631,418 | 300,000,000 | 12,980,000 | 43,500 | 50 |
smallest value among the blocs compared largest value among the blocs compared
Footnotes |
See also
- Arab Gulf states
- Iran-Arab relations
- Euro-Mediterranean free trade area (EU-MEFTA)
- Middle East Free Trade Area (US-MEFTA)
- List of trade blocs
References
- ^ Tourism Australia Strengthens Commitment In The Gulf Countries. Tourism Australia (October 6, 2005). Retrieved on 2007-04-07.
- ^ Yemen hopeful to join GCC in 2016. Yemen Times (December 19, 2006). Retrieved on 2007-04-07.
- ^ See references in List of countries by GDP (nominal)
- ^ Clip No. 426: excerpts from an interview with the former Secretary-General of the Gulf Cooperation Council Abdallah Bishara. TV Monitor Project, MEMRI (December 12, 2004). Retrieved on 2007-04-07.
External links
- The Cooperation Council for the Arab States of the Gulf - Secretariat General
- The Cooperation Council for the Arab States of the Gulf - Secretariat General - English
- Gulf Cooperation Council Accounting and Auditing Organization
- Kuwait pegs dinar to basket of currencies
- The Unified Economic Agreement between the Countries of the Gulf Cooperation Council
- GCC Trade Exchange
- Flag of The Cooperation Council for the Arab States of the Gulf
- A new fiscal framework for GCC countries ahead of monetary union, Chatham House, May 2006
- Border security in the Gulf States (extract) June 2006
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Bahrain · Kuwait · Oman · Qatar · Saudi Arabia · United Arab Emirates |