The 38th Gulf Cooperation Council, GCC, Summit took place in Kuwait on Tuesday, 5 December.
Dr. Anwar Gargash, Minister of State for Foreign Affairs, is a head the UAE delegation in the two-day event.
Organization is considered a successful and influential integration of the Arab countries, thanks to the availability of oil reserves in the region of the richest in the world. GCC has existed for more than 30 years (it was created on May 25, 1981), it unites six rich Arabian gas and oil producing countries, close by religious, ethnic, political and socio-economic criteria, state structure: Bahrain, Qatar, Kuwait, UAE, Oman and Saudi Arabia.
Due to the high currency revenues from the export of energy resources, monarchies of the Persian Gulf belong to the most solvent countries of the world, are major world investors.
GCC, thanks to its solid export and financial potential, the consolidated position of the member countries in relations with the outside world, has an impact on the world oil market, the state of international finance, plays a role in ensuring the stability of the world economy.
The main factor in creating a regional bloc was the necessarity to confront external threats and strengthen cooperation in the security sphere. However, from the very beginning of the formation of the unification of the participating country, considerable attention was paid to economic cooperation. In accordance with the Charter, the main objectives of the GCC are to achieve coordination and interconnection among Member States in all areas on the path to their unification; deepening of trade and economic cooperation in the interests of achieving complementarity of national economies, weakening competition in process of diversification and strengthening their positions in the world market; harmonization of various spheres of activity – first of all customs, financial and monetary, and also unification of economic mechanisms; accelerating pace of scientific and technological progress.
It was ambiguously if GCC summit in Kuwait has any positive effect on the ongoing fractures between Qatar and some of Gulf states or not, analysts said.
At the 38th GCC was discussed a six-month blockade on Qatar imposed by Saudi Arabia, Bahrain, the United Arab Emirates and Egypt, who had accused Doha of supporting “terrorism”. Qatar had severely denied the allegations.
There was also discussed the question of the duration of crisis and its influence to countries.
The Emir of Kuwait, His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, noted that the GCC will carry on its leading role in the region, having many common goals, despite the large amount of problems.
The 38th Gulf Cooperation Council Summit, hosted by Kuwait, concluded on Tuesday with a note on integration.
There was indicated the necessarity of united work of Gulf states in striving to solving problems of security and stability and making strong ties on different spheres such as economy and safeness, and also development of such programms as GCC Joint Market and their Customs Union.
In conclusion, the declaration also said that the media representatives and intellectuals should support this cooperation.