Gulf Cooperation Council (GCC) was formed 1981 between Bahrain, Oman, Qatar, Saudi Arabia, United Arab Emirates and Kuwait. The purpose of this agreement was to facilitate trade between the member countries and to promote their economic development. One of the first major initiatives was the formation of a customs union and a common market between the member states of the GCC. In 2003 the GCC countries came up with a plan to set up a monetary union (GMU) with a single currency by 2010. This plan did not materialize, among others, as a result of the global financial crisis. GCC countries did introduce a dollar peg, which has been quite successful.
Students are asked to prepare a power point presentation in which the following questions are discussed:
- Discuss how the common market has influenced movements of factors of production between the member states.
- Discuss the costs and benefits of the GCC customs union and common market for the GCC member states.
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