GCC: History
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Cooperation Council for the Arab States of the Gulf is signed in Abu Dhabi, United Arab Emirates.
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The EU establishes bilateral relations with the GCC countries through a Cooperation Agreement signed in 1988. The Cooperation Agreement contains a commitment from both sides to enter into negotiations on a free trade agreement.
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The GCC Patent Office is approved and established soon after in Riyadh, Saudi Arabia.
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A customs union is declared.
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China and the Gulf Cooperation Council (GCC) announces the launch of China-GCC free trade agreement negotiations.
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A GCC common market is launched which grants national treatment to all GCC firms and citizens.
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After six rounds of meetings, New Zealand and GCC conclude the negotiations of a free trade agreement, which will be signed later.
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Kuwait, Saudi Arabia, Bahrain and Qatar announce the creation of a Monetary Council, a step toward establishing a shared currency.
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Jordan and Morocco are invited to join the GCC.
Sources
Abed, George T.; Erbas, S. Nuri; Guerami, Behrouz. “,” International Monetary Fund Working Paper No. 03.66, April 1, 2003.
China FTA Network:
European Free Trade Association:
Government of Dubai and Dubai Export Development Corporation:
New Zealand Ministry of Foreign Affairs and Trade:
Reuters:
Singapore Government:
Sturm, Michael; Siegried, Nikolaus. "," European Central Bank Occasional Paper Series No. 31, June 2005.