G.C.C. Economic Agreement - 2002
Cooperation Council for Arabian Gulf Countries
Economic Agreement among Cooperation Council Countries2002
This leaflet includes term of "Economic Agreement among Cooperation Council Countries that were signed upon by H.H. Leaders of Council Countries in 16 Shawal 1422 H (21/12/2001) during holding 22nd Cycle of Supreme Council in Masqat City in Oman Sultanate.
This new economic agreement includes comprehensive development for the economic agreement that were signed upon in Muharram 1402H (November 1981) that settled rules of economic ties among member countries and by which Free Trade Zone of Cooperation Council were established. While the agreement of 1981 came as a result of economic conditions in this time as it were signed upon after one month of establishing council, this new agreement reflects the current conditions for council countries. It came as a complementary for what achieved by agreement of 1981 in terms of development and support for economic ties among council countries added to approximating their cash, financial and economic policies, their industrial and commercial legislations added to approximating their applied in customs systems.
During these two past decades, the Council Countries have succeeded in developing their economic ties with the manner that will make them approach to economic integration and economic unity. The Supreme Council adopts, during its annual meetings, multiple important decisions in the economic field that pushed common economic work forward. One of these most important decisions was related to customs union, common gulf market and developmental integration.
With the objective of preparing legal environment to cope with these developments, the Supreme Council, in its 22nd Cycle (Riyadh, November1999), issued its decree to develop economic agreement with what fits to development of common work added to completing all requirements of economic integration among Council Countries, and the new developments are taken into consideration in the economic field.
A new primary project was prepared and raised to the member countries to offer their respective views. In the light of this, a technical tea of member countries and secretariat-general was constituted with the objective of studying the project, and the team held concentrated gatherings for this purpose during February and March 2001 in which views of member countries were discussed together with amendment of agreement project. The committee of Undersecretaries of Ministries of Finance and Economy in Council Countries reviewed the amended project in two meetings related to them in April and September 2001. The Economic and Financial cooperation Committee also reviewed it in its 5th and 50th two meetings (October 2001). In another exceptional meeting for the committee that were held in December 2001, the final draft that the ministerial council raised to Supreme Council in its integrated 81st cycle (December 2001) were adopted to be approved, and it was signed upon by H.H. Leaders of Council Countries in 31 December2001 during holding summit of Masqat as mentioned previously. Nowadays, there is continuity for completing authentication of the agreement added to putting it under execution.
Preparing new economic agreement was honorable model for common work as great numbers of specialists from all government authorities in Council Countries added to different sectors of secretariat-general for Cooperation Council contributed to its preparation and review. The technical team and other concerned committees working in the framework of council exerted strenuous efforts to develop agreement and to reach a stipulation that reflects common gulf work scripts and future expectations of council countries citizens.
The new agreement includes new stipulations or radically developed to reflect decisions of the Supreme Council with its guidelines and common work new developments such as Customs Unity (Chapter 1), Common Gulf Market (Chapter 2), Cash and Economic Unity (Chapter 3). The new agreement specifies an independent chapter separated from developmental integration among Council Countries (Chapter 4), Development of Human Resources (Chapter 5), another chapter about Cooperation in Fields of Technological and Scientific Research (Chapter 6), and about Transport, Communications and Basic Structure (Chapter 7).
The new agreement turns method of common work to quality transference, as it is not limited to urging on cooperation and coordination among member countries, rather it exceeds to economic integration among council countries by adopting specified programs and machinery accepting execution. The committees working in the framework of council and secretariat-general will follow up execution within specified work programs, and chapter 8 tackles machinery of execution and follow up added to settling disputes that may arise from application of its judgments.