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Gulf States Agree to Begin Common Market From 2008
Six Gulf Arab states, including Saudi Arabia and the United Arab Emirates, will form a common market from the beginning of next year, said Abdul Rahman al-Attiyah, head of the Gulf Cooperation Council.Citizens and businesses of the GCC, which also includes Kuwait, Qatar, Oman and Bahrain, will have equal economic rights throughout the region, al-Attiyah told delegates after a meeting of heads of state in Doha, Qatar, today. GCC citizens, for example, will be able to buy stocks in listed companies within the bloc under the same conditions, he said. GCC countries eliminated tariffs between members' exports in 2003. "The common market aims at creating a unified market in which GCC citizens can benefit from valuable economic opportunities in the Gulf," al-Attiyah said. "The agreement will open the way for intra-Gulf and foreign investment in the region and increase the usage of available resources in the Gulf countries." A common market is one of the pre-conditions for the creation of a Gulf single currency. The 2010 deadline for the joint currency has come under pressure in the last 12 months as the project has fallen behind schedule. Somewhat like I predicted. However, I suspect it cannot work without democracy and transparency. Posted by: Anonymoose 2007-12-06 |
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