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Saudi urges Gulf Arabs to back economic union
 RIYADH - Saudi Arabia called on Gulf Arab leaders meeting in Riyadh on Saturday to set aside their differences to make economic union a reality in the energy-rich region."Yeah, let's be more like the Y'urp-peons! That's the ticket!" "But Yer Corpulenceness, ain't we trying to make them more like us?" Addressing the opening session of a two-day Gulf Cooperation Council (GCC) summit that will assess progress on a planned monetary union by 2010, Saudi Arabias King Abdullah said GCC countries were hampered by reservations and obstacles. We still have much to do before we can say we have achieved complete economic union ... the obstacles are real but we should not lose sight of the dream, he said. Every country has had its reservations ... but united we will be a power that cannot be ignored. Especially when led by the protector of the Two Most Holy Cities in All Islam. The GCC groups Saudi Arabia, Qatar, Bahrain, Oman, Kuwait and the United Arab Emirates. Before the start of the summit, a Gulf official told Reuters that Oman has informed the states that it would not join the monetary union in 2010, but could enter at a later stage. They feel they are not going to be ready by 2010 ... Rather than delay the process, they want the other countries to move ahead, and they can join at a later date, said the official. "Let's see if this turkey will fly first." The six countries have agreed five criteria for European Union-style economic union, including capping budget deficits at 3 percent of gross domestic product, public debt at 60 percent of GDP and inflation at the GCC average plus 2 percent. Interest rates are to be no higher than the average of the lowest three states plus 2 percent and countries must have foreign exchange reserves to cover 4-6 months of imports. Thus tying down the strongest countries to the weakest ones. The summit is also expected to consider a proposal made last year to limit to six years the stay of expatriate workers -- a symbolic move that would pre-empt any international pressure to improve residents rights by granting them nationality. An estimated 12 million foreigners live in GCC countries and make up more than 80 percent of the population in some cases. Wouldn't do to have Malaysians, Filipinos and most especially Hindoooz becoming citizens on the holy peninsula. Allan wouldn't like that at all. Posted by: Steve White 2006-12-10 |
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