Economic integration of GCC states on cards
Khaleej Times
Economic integration of GCC states on cards
By Haseeb Haider
19 December 2005
ABU DHABI: The Abu Dhabi Summit, which kicked-off yesterday evening, will come up to the expectations of 40 million Gulf nationals as it is likely to incorporate a road map for greater economic integration of the oil rich region.
Though, there has been slow progress over sensitive economic matters to integrate the bloc, but recently things have started moving in right direction with the WTO regime and Free Trade Agreements (FTAs) with United States and European Union giving much needed impetus to push the region towards tough market competition from regional as well as global economies. Before, the Foreign Ministers could take up the reports submitted by different high powered ministerial acommittees, the diplomats are working closely to resolve complex issues of economic significance.
High on the agenda items include region’s vision on GCC common market, railway network, and water linkage, among other things. "It would also be following up GCC negotiations on FTAs with US and European, as well as the reports of the different ministerial committees", said a source familiar with the summit agenda. The summit will focus on requirements for the GCC market to be established in 2007, as well as steps related to the timeline for the monetary union and issuing a unified currency by the year 2010.
The GCC leaders are to approve reports of the General Secretariat on water linkage, the railway network, issuing a unified identity card, balancing population distribution, extending social security for GCC citizens working outside their countries both in the public and private sectors. The summit will review a number of economic and social issues of concern to the people and are of an integrational nature.
Railway: Bahrain and Kuwait in June, this year were given the responsibility to prepare a feasibility study on the prospects of the project. The Abu Dhabi Summit, would discuss the finding of the feasibility.
According to a proposal the railway track would start from Kuwait and criss-crossing through Saudi Arabia, Bahrain and crossing a bridge passing through Doha into the UAE and Oman, covering 1,970 kilometres.
