The economic status of the Gulf Commercial Council (GCC) will significantly improve as a result of the GCC commercial policy agreement, which unifies all commercial policies of GCC member states.
In addition, said <i>KUNA</i>, the agreement would boost investment in the GCC and expand its export markets worldwide, according to a recent report by the GCC Secretariat General.
Ratified last summer in Abu Dhabi, the agreement improves the GCC's ability to deal with international economic blocs and the World Trade Organization.
The policy stipulates that member states will act as one economic body in trade negotiations with other world economic blocs.
Additionally, GCC member states Kuwait, United Arab Emirates, Saudi Arabia, Oman, Bahrain and Qatar will be better able to protect their own domestic markets, increase its competitiveness and play a more active role in the GCC private sector, the report said.
The policy also outlines the means by which it will function as an economic bloc and names a committee to ensure that GCC commercial rights are maintained.