Gulf international locations’ unity in focus as GCC Summit begins at present

Unity of the Gulf international locations will likely be in focus because the forty first Cooperation Council for the Arab States of the Gulf (GCC) summit begins on January 5 in Riyadh, Saudi Arabia.

The assembly will talk about methods to beat the “serious challenges” that the area faces. Ways to unify efforts to fight Covid-19 and enhance financial development may also be mentioned.

GCC Secretary-General Dr Nayef Falah Al Hajraf stated the forty first version of the summit marks the start of a brand new chapter for the council because it enters its fifth decade. Economic integration and cooperation have been a “key objective” for the reason that council’s formation in 1981.

He thanked the leaders of the Gulf international locations and expressed confidence that it’s going to assist enhance the safety and stability of the member nations.

Al Hajraf had delivered formal invites from the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia to the leaders of the UAE, Bahrain, Oman, Kuwait and Qatar.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, acquired the invite on behalf of the UAE President, His Highness Sheikh Khalifa bin Zayed Al Nahyan.

Agenda

The GCC is without doubt one of the greatest financial blocs with a GDP of $1.6 trillion and exports amounting to $609.5 billion — making it the sixth-largest exporter on the planet.

In its fifth decade, the GCC international locations will concentrate on restoring financial development within the area after the Covid-19 pandemic; overcoming its challenges; and resuming free commerce negotiations and strategic partnerships with pleasant international locations. The council may also search to boost its competitiveness on the international stage by adopting fashionable strategies and harnessing them to kind new horizons of cooperation.

GCC success story

Beginning in 1983, GCC member states steadily started implementing unified insurance policies to facilitate companies, together with tariff waivers for intra-GCC commerce. It culminated within the creation of a GCC Customs Union in 2003 and the introduction of a unified customs tariff on inter-GCC imports.

These two landmark insurance policies set the inspiration for the institution of the GCC Common Market in January 2008, and for the introduction of insurance policies that granted Gulf residents equal remedy throughout member states in enterprise licensing and actions.

Key achievements

> GCC Commercial Arbitration Centre.

> GCC Standardisation Organization (GSO), which prepares, approves, and publishes GCC merchandise’ requirements.

> Equal remedy to all GCC residents within the fields of inventory possession, firm company, and elimination of related restrictions throughout member states.

> Permitting Gulf firms to have branches in GCC states, and obtain equal remedy as native firms.

> Establishing and working the GCC Interconnected Power Grid in 2014.

> Providing mental property safety and promotion of innovation and creativity by way of the institution of the Patent Office of the GCC.

> The GCC initiative to resolve the Yemeni disaster in 2011; the following implementation mechanisms to revive the legitimacy of the Yemeni authorities.

> Continued help for the tip of disputed territories between the UAE and Iran.

> Contributing to the worldwide coalition in opposition to Daesh and radical terrorist organisations by funding initiatives to counter terrorism and extremism.