Economic Integration in the GCC
This study discusses the status of economic integration of the six Gulf Cooperation Council (GCC) countries among themselves, with the larger Middle East and North Africa (MENA) region and globally. It also assesses the main challenges to further i...
| Main Author: | |
|---|---|
| Format: | Working Paper |
| Language: | English en_US |
| Published: |
Washington, DC
2017
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/621311468276383272/Economic-integration-in-the-Gulf-Cooperation-Council-GCC http://hdl.handle.net/10986/27898 |
| Summary: | This study discusses the status of
economic integration of the six Gulf Cooperation Council
(GCC) countries among themselves, with the larger Middle
East and North Africa (MENA) region and globally. It also
assesses the main challenges to further integration. The GCC
is the most advanced example of sub regional integration in
the MENA region, and its objectives are among the most
ambitious in the developing world. It has evolved well
beyond a focus on free trade in goods to embrace high levels
of cross-national labor and capital mobility, and the
progressive opening of many sectors within each economy to
all member states. The GCC has made good progress on
regional integration since its establishment in 1981.
Integration efforts have gained considerable momentum
following the ratification of the Unified economic agreement
in 2001, the signing of the customs union agreement in 2003,
and the adoption of the common market agreement in 2008.
Under the customs union agreement, member countries have
eliminated intraregional tariffs, unified external tariffs,
and eased trade restrictions, bringing about a notable
increase in the value of goods traded among member states. |
|---|