The Viability, Practicability, and Effects of a Currency/Monetary Union for the Gulf Cooperation Council

College
Essay
Miscellaneous
Pages 6 (1506 words)
Download 0
The Gulf Cooperation Council (GCC), more formally known as the Cooperation Council for the Arab States of the Gulf, is a trade bloc wherein six Arab states of the Persian Gulf carry with them many economic and social objectives. …

Introduction

The Iraq-Iran War, Iranian Revolution and Soviet invasion of Afghanistan were all major reasons the six countries mentioned above decided to form the GCC. This was primarily because they had the same vision of how their economies should be. They also agreed on what kind of defense is most effective against entities that could damage their countries.
The council was created on May 25, 1981 while on November 11, 1981, a unified economic agreement was signed between the partner countries. After the signing of the agreement in Riyadh, Saudi Arabia, the member countries were referred to as the Gulf Cooperative Countries.
The countries around the Persian Gulf are not all council members. Even nations like Iran or Iraq which border the Persian Gulf, did not come on board with the council. Meanwhile, Yemen seems to be warming up to the thought of joining the said cooperation.
Also, its headquarters may be found in Saudi Arabia. The council, having an administrative structure, meets about twice every year. For its governing bodies, there is a supreme council, a council of foreign ministers, an arbitration commission, and a general secretariat.
After implementing most of the provisions in their said agreement by the 1990s, the GCC decided to act on the security issues of their countries. By 1984, a deployment unit called the Peninsula Shield Force with a force of 5,000 men was formed for the council. With such, the member countries went on board with a mutual understanding of a way by which they are to defend against foreign attacks, effectively increasing the force’s number to 22,000. ...
Download paper
Not exactly what you need?

Related papers

Globalization for the Arab Countries
Then in 1973, "King Faisal of Saudi Arabia cuts off his country's oil exports to the United States, triggering an oil crisis, long lines at the gas pumps and a recession." (Newton, p 53)…
14 pages (3514 words)
The Arab Gulf States Domestic Stability
The above quote, while lengthy, is pertinent to the focus of this study. It very accurately explains the degree to which the security and political structure of the Arabian Gulf is changing and draws attention to the potential for further change. The Gulf states, as indicated, are living a volatile period wherein changes tend towards the revolutionary, as opposed to the evolutionary. If anything,…
12 pages (3012 words)
The mission of Arabian Gulf cooperation council
In the modern world, there has been a lean on formation of trade blocks. Many countries in the world have come together to form trading blocks which acts as a platform for negotiation on matters concerning trade.In Europe there it the EU,in America there is NAFTA,in Latin America there is the MERCOSUR,and in the Middle East there is the AGCC.The Arabian Gulf Cooperation Council is the economic and…
4 pages (1004 words)
political and economic in Gulf Cooperation council
Then, in 1973, "King Faisal of Saudi Arabia cuts off his country's oil exports to the United States, triggering an oil crisis, long lines at the gas pumps and a recession." (Newton, p 53)…
3 pages (753 words)
Bond Financing in Gulf Cooperation Council
Bonds are generally referred to validity periods over 10 years and below this period it is referred to as notes. This distinction has disappeared except in the US market. Gulf Co operation Council (GCC) countries traditionally have been dependant on bank loan debt financing for their financial needs. In the past decade globalization has necessitated the widening of horizon and bond financing is…
3 pages (753 words)
MBA Diss electronic retailing in GCC countries
Companies constantly use new technologies and innovations in order to increase their customer base and their profits. Business processes, operations, delivery, costs and strategies have definitely improved. Though the internet use has been seen in all countries, yet there are some who have advanced more in this area than the others. Countries like Pakistan, Afghanistan, Oman and Kuwait are…
32 pages (8032 words)