The Cooperation Council for the Arab States of the Gulf (CCASG; مجلس التعاون لدول الخليج العربية), also known as the Gulf Cooperation Council (GCC; مجلس التعاون الخليجي) is a trade bloc involving the six Arab states of the Persian Gulf with many economic and social objectives.
|Name||Capital||Population||Area (km²)||GDP (mil. US$)||Per capita (US$)||Currency|
|Kuwait City||2,460,000||17,818||95,924||39,300||Kuwaiti Dinar|
|Abu Dhabi||4,588,697||83,600||163,296||55,200||UAE Dirham|
Not all of the countries neighboring the Persian Gulf are members of the council. Iran is excluded, as is Iraq, although both nations have a coastline on the Persian Gulf. Yemen is (currently) in negotiations for GCC membership, and hopes to join by 2016.. The GCC Patent Office was approved in 1992 and established soon after.
A GCC common market was launched on January 1, 2008. The common market grants national treatment to all GCC firms and citizens in any other GCC country, and in doing so removes all barriers to cross country investment and services trade.
All GCC members and Yemen have since joined the Greater Arab Free Trade Area (GAFTA) when that organization was founded. However, this is unlikely to significantly affect the agenda of the GCC as it has a more aggressive timetable than GAFTA and is seeking greater integration.
In 2006, its GDP (nominal) was $717.8 billion (IMF April 2007), led by spectacular growth in United Arab Emirates and Qatar. . In 2007, its GDP (nominal) was $1,022.62 billion (IMF April 2008). IMF predicts its GDP to reach $1,112.076 billion at end of 2008 and $1,210.112 billion at end of 2009. Qatar is expected to overtake top ranked Luxembourg in GDP (nominal) per capita next year for the world's top spot. See List of countries by GDP (nominal) per capita.