Evolution of economic integration within the Cooperation Council for the Arab States of the Gulf

Abstract

The article analyzes the history and the present stage of integration trends in one of the oldest regional trade agreements of the world - the Cooperation Council for the Arab States of the Gulf (GCC). Established in 1981 it has gone from a free trade area to an unfinished customs union in 2003 with elements of a common market in relation to the movement of persons. By 2015, they plan to finally form a customs union and a common market. In 2009, four countries - Bahrain, Kuwait, Qatar and Saudi Arabia signed an agreement on monetary union with a common currency, which was planned to form by 2010 but will need at least 5 years that this has happened. After all, the member countries should complete the customs union and common market.