The attempts of the European Union (EU) to encourage and support regional integration should not be understood as an effort to disseminate the European regional integration model to the Arab regional integration project, or to the Gulf Cooperation Council (GCC). Apparently, the…
Despite this noticeable difference between the EU and the GCC, the former can still share its experience on enhancing the performance of regional agencies, managing the adjustment costs created by reducing barriers, and achieving integration, with the Arab world.
The Arab and European countries meeting correspondingly in the Gulf Cooperation Council (GCC) and the European Union (EU), while having crucial political and strategic commonalities, have generated markedly different wide-ranging pattern of strategic relations and issues in the last two to three decades.1 Both have particular interests in their corresponding region, on the one hand, and tremendously important global alliances, on the other. Nevertheless, it is unquestionable that the GCC countries have progressed globally more than the EU, particularly on political status, whilst the EU has concentrated on its region and organised its regional structure far more radically than the GCC.2 Ultimately, whilst both the EU and the GCC countries have a critical, but distinct security and political relations with the United States, the latter are at present basically directed towards Asia from a strategic framework, whilst the EU is directed towards its own region and North America3, with the GCC serving an absolutely more isolated role.
Nevertheless, argument for the EU as an exemplar for other regional integration contexts could be restricted, given the distinctive conditions in which it was built and endorsed. Founded due to conflicts, the EU gained from particular events in its expansion, such as the developed character of the European economies, the United States pledge and fostering role, and the Cold War, which are not located anywhere else.4 It would hence appear more relevant to apply the experience of EU not as a blueprint or paradigm to evaluate the failure or success of the GCC regional integration ...
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Six Arab countries that include The United Arab Emirates, The Sultanate of Oman, The State of Qatar, The State of Bahrain, The State of Kuwait, and The Kingdom of Saudi Arabia formed the Gulf Cooperation Council (The Cooperation Council for the Arab states of the Gulf, 2012, p.1).
The Arabian Gulf Cooperation Council is the economic and political forum that coordinates policy making for at least six member states including the states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
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.
Bank loans were the major source of debt financing till date. In recent times, Debt financing has added a new instrument by issuing bonds.
Bonds are loans raised from market where, principal and interest in the form of coupons have to be paid periodically on agreed terms.
Currently, approximately 120 million tons of waste is produced in the Gulf Cooperation Council countries (GCC) putting the region in the top ten worldwide ranking of the biggest waste producers per capita. The United Arab Emirates
According to states Hebous (2006), the use of a single monetary system can lead to benefits such as low transaction costs, efficient trade, and low trade risks among the member. He points out the successes of the US and Euro-zone monetary unions as case for
Gulf Cooperation Council was started in 1981 by the leaders of the state of Kuwait, Qatar, Bahrain, Oman, United Arab Emirates and Saudi Arabia (Rashid, 21). The purpose of the council was to promote and enhance close ties among the member states and by formulating strategies to ensure that non-GCC countries would not intimidate its members or attack them. As a result, the council engages in integration courses including peace campaigns in its member’s countries (23).
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