GCC countries to launch common market January 1st2 [Archives:2007/1109/Business & Economy]

December 6 2007

By: YemenTimes Staff
Following the 28th annual Gulf Cooperative Council (GCC) summit held in the Qatari capital Al-Doha between December 4 – 5, leaders of the six gulf cooperative council countries have stated that the GCC common market will be launched on January 1st, 2008. According to the final press release of the event, The Gulf Common Market aims to create one market … raising production efficiency and optimum usage of available resources and improving the GCC's negotiating position among international economic forums.

The Doha declaration has also stated: “The Gulf common market aims at realizing one market through which GCC nationals benefit from opportunities in the Gulf economy and opening broader spheres for inter and foreign investment.”” GCC leaders also agreed to accelerate preparations to launch a single common currency by 2010