Inter-GCC trade at record high

Inter-GCC trade at record high
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Published December 20th, 2012 - 14:09 GMT via SyndiGate.info

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Trade between GCC nations in 2011 reached a record of $85 billion
Trade between GCC nations in 2011 reached a record of $85 billion

The total volume of Inter-Gulf Cooperation Council (GCC) member states trade exchange has amounted to $ 85 billion in 2011, against only $ six billion in 1984.

The figures has been released by the Sector of Inforamtion Affairs at the Secretariat General of the GCC, which took note, too, the direct impact of the estalishment of GCC member states' Customs' Union, in 2003, on the Inter-GCC member states trade, as it rose at 31 per cent in the first year of the union, while it scored an annual average rate of growth in the 2003-2008, at 28 per cent.

Comparing the volume of the inter-trade exchange before the union, which was standing at $ 15 billion, in 2002 to the total volume, at over than $ 85 billion, in 2011, the rate of its growth amounts to 476 per cent.

 

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