The Gulf Cooperation Council launched Jan. 1 a common market that is expected to move member countries toward economic integration, attract foreign investment, promote regional trade and improve the group’s negotiating position in international economic forums. The GCC, which was established in 1981, is composed of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates and has a combined economy of $715 billion. According to news reports, one of the GCC’s first major actions as a common market will be to establish a common currency for the region by 2010. The group will also work to increase trade with other parts of the world by 25 percent over the next two years.
World Trade/Interactive
