Gulf nations’ unity in focus as GCC Summit begins tomorrow

Unity of the Gulf nations shall 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 will even be mentioned.

GCC Secretary-General Dr Nayef Falah Al Hajraf mentioned 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” because the council’s formation in 1981.

He thanked the leaders of the Gulf nations and expressed confidence that it’ll 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 nations 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 nations. The council will even search to boost its competitiveness on the international stage by adopting fashionable strategies and harnessing them to type new horizons of cooperation.

GCC success story

Beginning in 1983, GCC member states progressively 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 muse for the institution of the GCC Common Market in January 2008, and for the introduction of insurance policies that granted Gulf residents equal therapy 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 therapy 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 therapy as native firms.

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

> Providing mental property safety and promotion of innovation and creativity by 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 towards Daesh and radical terrorist organisations by funding initiatives to counter terrorism and extremism.