Economic Integration in the GCC [electronic resource]
- Washington, D.C. : The World Bank, 2010.
- Other papers .
- Other papers World Bank e-Library. .
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.
10.1596/27898
Administrative Procedures
Bonds
Business Environment
Capital Flows
Capital Markets
Central Banks
Corporate Governance
Customs Procedures
Debt
Decision Making
Developing Countries
Dispute Settlement
Financial Crisis
Financial Institutions
Financial Sector
Financial Services
Fiscal Policy
Foreign Direct Investment
Foreign Ownership
Free Trade Agreements
General Agreement On Trade In Services
Global Economy
Globalization
Gross Domestic Product
Human Capital
Human Rights
Insurance
Interest Rates
International Finance
Investment Climate
Liberalization
Political Economy
Privatization
Public Debt
Stock Exchanges
Trade Barriers
Trade Policy
Transaction Costs
Transparency
World Development Indicators
World Trade Organization
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.
10.1596/27898
Administrative Procedures
Bonds
Business Environment
Capital Flows
Capital Markets
Central Banks
Corporate Governance
Customs Procedures
Debt
Decision Making
Developing Countries
Dispute Settlement
Financial Crisis
Financial Institutions
Financial Sector
Financial Services
Fiscal Policy
Foreign Direct Investment
Foreign Ownership
Free Trade Agreements
General Agreement On Trade In Services
Global Economy
Globalization
Gross Domestic Product
Human Capital
Human Rights
Insurance
Interest Rates
International Finance
Investment Climate
Liberalization
Political Economy
Privatization
Public Debt
Stock Exchanges
Trade Barriers
Trade Policy
Transaction Costs
Transparency
World Development Indicators
World Trade Organization