Gulf Cooperation Council Agreement

On 15 December 2009, Bahrain, Kuwait, Qatar and Saudi Arabia announced the creation of a Monetary Council establishing a single currency for the Union. The Council, which set out a timetable and action plan for the creation of a central bank and the choice of a monetary regime, met for the first time on 30 March 2010. Kuwaiti Foreign Minister Mohammad Sabah Al-Sabah said on 8 December 2009 that the introduction of a single currency could take up to ten years. The initial target was 2010. Oman and the United Arab Emirates subsequently announced their withdrawal from the proposed currency. The scope of the Free Trade Agreement covers trade in goods (industrial and processed agricultural products, fish and other seafood), trade in services, public procurement and competition. [32] The secretariat is the executive arm of the Gulf Cooperation Council. It takes decisions within the framework of its powers and implements decisions approved by the High Council or the Council of Ministers. The Single Economic Agreement between the countries of the Gulf Cooperation Council was signed on 11 November 1981 in Abu Dhabi (United Arab Emirates). These countries are often referred to as “GCC countries” or “Gulf states”. In May 2017, the Gulf Cooperation Council opposed the creation of a Political Transitional Council in southern Yemen, which called for the separation of southern Yemen, siding with Yemeni President Abd-Rabbu Mansour Hadi. [85] Given that Jordan and Morocco are the only two Arab monarchies that are not currently on the Council, the current members see them as potential powerful allies.

Jordan borders Saudi Arabia and is economically linked to the Gulf countries.

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