The Gulf Cooperation Council (GCC) celebrated 44th anniversary of its founding yesterday. On May 25, 44 years ago, the first Gulf summit was held in Abu Dhabi, where the establishment of the GCC was announced as a regional entity aiming to achieve coordination, integration and interconnection between member states in all fields. The Council was established based on the leaders of the Gulf States’ awareness of the special relations, common characteristics, and similar systems that bind their countries together.
The GCC has continued its journey with the support, guidance and patronage of Their Majesties and Highnesses, the leaders of its six countries. It has become a strong institution with solid foundations based on its roots that extend deep into history and geography, and the depth of ties of blood, religion, language, common destiny and the shared aspirations and ambitions of the Gulf countries and their people.
Since its establishment, the GCC has developed a clear vision for integration between its countries in order to protect GCC nations from threats and ensure their security. It aims to support and increase economic growth and its sustainability by diversifying the production base and transitioning to a knowledge and innovation-based economy.
It also seeks to maintain a high level of human development, and enable the GCC to deal with all types of crises, in addition to strengthening the GCC’s regional and international standing, and championing just causes. Over its more than four decades of history, the GCC has achieved many historic steps that strengthen the structure of the Council. These include the establishment of the GCC Common Market and Free-Trade Zone. The Free-Trade Zone came into effect in March 1983 and continued for about twenty years until the end of 2002, when it was replaced by the GCC Customs Union. Intra-GCC trade volume reached more than $131bn in 2023, a growth of 3.3%, while foreign trade in goods reached $1.5 trillion, a growth of 4%. These economic indicators point to promising opportunities that should be leveraged to enhance joint Gulf cooperation in all commercial fields.
The GCC also completed the unified identity card project for the GCC countries (the smart card), which has facilitated the movement of citizens between member states and reduced waiting times at ports of entry by means of electronic gates. The electricity interconnection between the GCC countries is considered one of the most important infrastructure projects approved by the Council. The project’s benefits include reducing the reserve requirement in each country, providing mutual coverage in the event of an emergency, utilising surplus power, and reducing the cost of electricity production.
