GCC
GCC
What is it?
Among the stated objectives are:
- Formulating similar regulations in various fields such as economy, finance, trade, customs,
tourism, legislation and administration
- Fostering scientific and technical progress in industry, mining, agriculture, water and animal
resources
- Establishing scientific research centers
- Setting up joint ventures
- Unified military presence The Peninsula Shield
- Encouraging cooperation of the private sector
- Strengthening ties between their people
- Establishing a common currency by 2010
Trade Leader
Secretary General: AbdulRahman bin Hamad al-Attiyah
Supreme Council Presidency: United Arab Emirates
Headquarters
Riyadh, Saudi Arabia
Benefits
- Better relationships between member countries
- Co-operation of the private sector allows for increased trade
- Common currency allows easier trade
- If a country is struggling financially they can receive money
- Free flow of labour
Drawbacks
- Individual countries joining different trade blocs may cause conflict with GCC members
- Annual payment must be made
- If a GCC member joins another trade bloc it may also cause conflict as a result of different
objectives and aims