Financial Sector in GCC Countries - Essay Example

Only on StudentShare

Extract of sample
Financial Sector in GCC Countries

Nonetheless, current events indicate increasing cooperation among GCC countries on particular trade matters such as customs duties, quality standards, cross-member investment, and intellectual property right protection (USTR 179).
An agreement for free trade among the six member countries in 1983 was one of the early achievements of the Gulf Cooperation Council. All of the six member countries were signatories to the United Economic Agreement which provides duty free access to all products manufactured in GCC member countries with compliance to existent origin and ownership laws (Al-Muharrami et.al. 5).
With the aim of achieving goals for greater economic integration, member states agreed in 1999 to set external tariffs to a common range by 2005. In January 2003 the six GCC member states put up a Customs Union which in theory implies that member states are to adopt integrated customs laws and regulations, one point-of-entry, with open internal exchange of products and classification of products as national origin inside the GCC. Tariff application, income allocation and quality standards are some of the unresolved issues related to the bylaws of the Customs Union. The council was set to agree in 2005 on convergence criteria for adoption of a single currency in 2010 (USTR 179).
Bahrain is one of the most diverse and active financial centers in the Gulf. ...Show more

Summary

The Gulf Cooperation Council (GCC)" is a forum composed of six Middle Eastern countries formed for trade, industry and political policy coordination in 1981. "The six member states include the Kingdom of Bahrain, State of Kuwait, Sultanate of Oman, State of Qatar, Kingdom of Saudi Arabia and the United Arab Emirates…
Author : minervaschaden
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Financial Sector in GCC Countries"
with a personal 20% discount.
Grab the best paper

Related Essays

Financial re-engineering with respect to funding of new projects of Al Masaken
The company has so far executed various prestigious construction projects worth close to $ 300 million with a construction area extending up to 291,143 Square meters. Backed up by a good design and engineering team the company has crossed over the initial struggles and has reached the position to take up construction projects of high rise buildings on its own financial strength
6 pages (1500 words) Essay
Islamic Financial Instruments on stock markets in GCC
It could also be mentioned that behind the formulation of Islamic banking and financial institutions the major reasons were instrumented by demography, historical and political influences. The major financial instrument of the Islamic banking and financial institutions could be enumerated as Sukuks.
3 pages (750 words) Essay
Political and Economic Integration Processes in The Gulf Cooperation Council
This essay mainly focuses on the characterization of the current level of political and economic integration among member countries of GCC. It also exposes major hindrances on the path of such integration, that become apparent in the countries of GCC. A belief that globalization creates world peace is supported by the countries of the union.
16 pages (4000 words) Essay
MBA Diss electronic retailing in GCC countries
In countries where information technology has taken hold, businesses are continuously developing new strategies in order to cope with the continuously changing business environment and practices. In today's modern world, e-business, e-retailing now commonly known as e-tailing and e-commerce are not new phenomenon.
32 pages (8000 words) Essay
The e-government and e-procurment situation in the GCC countries
As such, threat perceptions relating to Gulfs commercial viability have become increasingly salient not only for the Gulf States but for the international
20 pages (5000 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT