Gulf Co-operation Council
From Taighde
The Cooperation Council for the Arab States of the Gulf (CCASG; Arabic: مجلس التعاون لدول الخليج), also known as the The Gulf Cooperation Council (GCC; مجلس التعاون الخليجي) is a trade bloc involving the six Arab states of the Persian Gulf with many economic and social objectives.
Created on May 25, 1981, the Council comprises the Persian Gulf states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The unified economic agreement between the countries of the Gulf Cooperation Council was signed on 11 November 1981 in Riyadh. These countries are often referred to as Gulf Cooperative Countries.
Not all of the countries neighboring the Persian Gulf are members of the council. Iran is excluded, as is Iraq, although both nations have a coastline on the Persian Gulf. Yemen is (currently) in negotiations for GCC membership, and hopes to join by 2016.
Plans for a single currency by 2010.[1] Mr Sayari said the target was difficult to meet, adding that the region's finance officials agreed at a meeting last month to assess alternatives. "It is difficult, it is extremely difficult - 2010 is too close now to finish the preparations, the institutional, legal [issues] and we have agreed on this, but especially considering the stage of economic development that all the GCC countries are going through." A final decision, he added, would be made by the GCC heads of state, who are due to meet next month in Qatar.
