Economics of the U.A.E Essay Example | Topics and Well Written Essays - 2000 words

Economics of the U.A.E - Essay Example A regional trade bloc with important economic objectives including the eventual establishment of a common currency, the Gulf Cooperation Council is a regional actor in the Middle East with increasing political leverage and diplomatic sway. Initially created to further the economic integration of Bahrain, Qatar, Kuwait, Oman, Saudi Arabia and the United Arab Emirates, the Gulf Cooperation Council fosters a sense of Arab community within the Gulf context and represents Arab multilateralism in the region. This analysis aims to be in-depth and comprehensive and will conclude with a concise analysis of the means through which the Gulf Cooperation Council will help the economic development of the UAE in the next 15 years and discuss important regional issues including the dream of a unified currency for the Arab states of the Persian Gulf region. A regional trade bloc which includes some of the fastest growing economies in the world, the Gulf Cooperation Council was devised and implemented in 1981 under the auspices of a unified economic agreement which established a unique social and economic bond between the Arab countries of the Persian Gulf region. The current six members of the GCC, Bahrain, Qatar, Kuwait, Oman, Saudi Arabia and the United Arab Emirates, were the original parties to the document creating the GCC and although expansion of this regional body may occur in the future, the membership of the GCC has remained unchanged for more than twenty seven years. During these years, the region has witnessed incredible growth, rising gross national product throughout the region and an undeniable boom in natural resources including oil and natural gas. The Gulf Cooperation Council was established as a multilateral organization almost thirty years ago with the intent of fostering economic and social integration among the Arab countries of the Gulf region.