Cooperation Council for the Arab States of the Gulf

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- As The Gulf Cooperation Council (GCC )

May 25, 1981

( Common currency Khaleeji planned)

The Cooperation Council for the Arab States of the Gulf (English Cooperation Council for the Arab States of the Gulf, CCASG ) (Arabic مجلس التعاون لدول الخليج العربية, DMG Maǧlis at- ta ʿ āwun li - duwal al - ḫalīǧ al - ʿ arabiyya ), also known as Golf Cooperation Council ( english Gulf Cooperation Council, GCC ), is a confederation of states, which includes six countries of the Arabian Peninsula. It was founded on 25 May 1981 in Abu Dhabi by Kuwait, Bahrain, Saudi Arabia, Qatar, United Arab Emirates and Oman, to shield these countries from the effects of the Islamic Revolution in Iran in 1979 and the outbreak of the First Gulf War in 1980.

The organization seeks to collaborate their members in the foreign and security policy and the promotion of economic and social relations between them, including 1982 as part of the Unified Economic Agreement of the goods has been liberalized. For 2005, a customs union was decided that was finally brought forward to 2003. By 2010, the introduction of a common currency was provided. However, different policy objectives and a number of divisive issues hinder integration efforts.

The members are committed to mutual assistance in the defense case. The GCC operates with a joint defense force, however, includes only 5,000 men. The GCC cooperated closely with the United States in order to be protected against Iran.

The GCC region is of strategic importance for the European Union. The GCC is the main trading partner of the EU in the Arab world. It accounts for about half of total trade with the Arab states and about 4 percent of the total exports of the European Union to third countries.

Germany's arms exports to countries in the GCC had in 2012 a value of 1.42 billion euros (2011: 570 million euros ).

Members

Organs

The headquarters of the Organization is in Riyadh. As the highest body of the organization meets twice a year, the Supreme Council ( Supreme Council ), in which the Heads of State and Government of the Member States are represented. In addition, there is a committee for economic cooperation (Economic Cooperation Committee ), which brings together the finance ministers of the Member States on a regular basis.

In preparation for monetary union, a committee of the monetary authorities and the central bank governors was formed, are discussed in the current issues of monetary policy (Committee of Monetary Agencies and Central Bank Governors ).

Monetary Union

The aim of establishing a monetary union by 2010, was embedded in a general economic integration process. For the first time this goal was formulated in 1982, but only in 2000 the Supreme Council authorized the money committee and the group of finance ministers to draw up a timetable for the introduction of a common currency.

In the spring of 2001, the latter two institutions used a working group should draw up the requirements for the establishment of a monetary union. Initial results were presented at the meeting of Heads of State and Government in Muscat ( December 2001). The Supreme Council agreed there on the following procedure:

Compared with other monetary integration efforts, the projects of GCC is the most ambitious and most advanced. The prospects for monetary union appeared well so far - both real and monetary convergence are well advanced and in contrast to other levels of integration (eg Mercosur ), the goals have been achieved.

However, Oman had stated in December 2006 that it would not join the monetary union in 2010. In 2007, Kuwait had its currency from the U.S. dollar decoupled and coupled it since then to a basket of currencies. In other Member States, such a move is sometimes also considered, in particular because of the summer 2008 to be observed in 2007 decline in the exchange rate of the U.S. dollar. So far, however, no other Member State has traced the step of Kuwait. Even the Governor of the UAE is said to have expressed the view that he expects a monetary union until around 2015. A serious setback, the project had received through the exit of the UAE in May 2009. This came shortly after it was decided that the GCC central bank will be located in Riyadh. The UAE is argued to have a right to demand that the central bank will be located in their country because they had offered the first country to host them and because so far is no GCC administrative unit in the UAE.

In terms of its economic importance would be the golf - currency area, the second most important supranational monetary integration after the euro area.

Introduction

On 1 December 2013, the introduction of the common currency was surprisingly announced at the end of December. The common currency of Bahrain, Kuwait, Qatar and Saudi Arabia will be pegged to the U.S. dollar. Oman and the UAE will this step at this time not to participate.

On 3 December, the press release from the Gulf Monetary Council has been revoked.

Patent Convention

The Gulf Cooperation Council ratified during its 13th session on 21 and 22 September 1992, the GCC Patent Convention and established the regional GCC Patent Office Patent Office based in Riyadh, Saudi Arabia. On October 3, 1998 there were received the first patent applications. A certificate issued by the GCC Patent Convention patent is immediately valid in all Member States.