Fostering scientific and technical progress in industry, mining, agriculture, water and animal resources. [4], All current member states are monarchies, including three constitutional monarchies (Qatar, Kuwait, and Bahrain),[5][6] two absolute monarchies (Saudi Arabia and Oman), and one federal monarchy (the United Arab Emirates, which is composed of seven member states, each of which is an absolute monarchy with its own emir). Over 5 lakh users. The aims of the GCC are “to achieve coordination, integration, and cooperation among the member-states in all fields to bring about their unity; to deepen and strengthen the bonds of cooperation existing among their peoples in all fields; to draw up similar systems in all fields… and to promote scientific and technical progress in the fields of industry, minerals, agriculture, sea wealth and animal wealth for the good of the peoples of the member-states”. Headquarters of GCC is at Riyadh in Saudi Arabia. It convenes every three months. He added, "A common market and common central bank would also position the GCC as one entity that would have great influence on the international financial system". चर्चा करें।. The Gulf Cooperation Council (GCC) is a political and economic alliance of six countries in the Arabian Peninsula: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Decisions on substantive issues require unanimous approval, while issues on procedural matters require a majority. Over US$200 billion will be invested to develop about 40,000 kilometres (25,000 mi) of rail network across the GCC, according to Oman's Minister of Transport and Communications. Enter your email address to subscribe to this blog and receive notifications of new posts by email. [49], The GCC Games, a quadrennial multi-sport event, was established by the union and first held in 2011. The Secretariat, consisting of several specialized sectors, implements the recommendations given by the Supreme Council and the Ministerial Council. Qatar is amongst the largest gas producers in India.

In order to reduce their future dependence on oil, the GCC states are pursuing unprecedented economic structural reform.[14]. Qatar was later chosen to host the 2022 FIFA World Cup. Saudi Arabia and United Arab Emirates (UAE) became first countries of Gulf Cooperation Council (GCC) to introduce Value Added Tax (VAT) for the first time to increase their revenue away from oil reserves. It takes decisions within its authority and implements decisions approved by the Supreme or Ministerial Council. Kuwaiti foreign minister Mohammad Sabah Al-Sabah said on 8 December 2009 that a single currency may take up to ten years to establish. [78] Kuwait supports Iraq joining the GCC. [citation needed], At the December 2012 Manama summit, the GCC states called for an end to Iranian interference in their internal affairs. ][27], Companies and investors from GCC countries are active in mergers and acquisitions (M&A). The Gulf Cooperation Council (GCC) is a regional political organisation comprising the energy rich Gulf monarchies – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Each member state has one vote. The board of the council, which set a timetable and action plan for establishing a central bank and choosing a currency regime, met for the first time on 30 March 2010.

India’s historical connection with the Gulf dates back more than five thousand years, to trading between the ancient civilisations of the Indus Valley and the Dilmun (linked with present-day Bahrain). The creation of a customs union began in 2003 and was completed and fully operational on 1 January 2015. These traditional relations are currently diversifying into security and defence cooperation, and India today has a strong and growing stake in Gulf stability. Kirkpatrick, David D. (7 September 2014). [25], In 2014, Bahrain, Kuwait, Qatar, and Saudi Arabia took major steps to ensure the creation of a single currency.

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