The Single Currency the Main Obstacles to Economic Integration Gulf
|January 2, 2013||Filled under Iraq Daily News|
Requires Gulf countries seeking to achieve Gulf Union, find formulas for economic integration, check demands and visions which aims to Gulf leaders, and meet the aspirations of the peoples of the Gulf aimed at finding the best channels for work and mobility, investment and trade.
He considered the report of the company Mazaya Holding, the economic size of the Gulf bloc huge at the regional level and between countries and Blocs in the developing countries, which makes the full Union politically and economically important requirement for the private sector.
He pointed out that the draft unified Gulf currency Pat front stage resolving historical, based on media reports, and coincide with the commissioning GCC Summit 33, the Commission on Financial and Economic Cooperation to provide practical programs with timelines for the transition to the new horizons of integration and economic integration between the countries of the Gulf.
It represents the unresolved file unified Gulf currency the main obstacles facing the stage integration and economic integration among the GCC countries.
He stated that the final statement of the meeting of leaders of the Gulf states in the 33 Summit in Bahrain, including noted Achieve economies of the GCC countries of significant growth, and comprehensive development in all sectors. And called for the speedy implementation of the statement in the economic agreement to unify fiscal and monetary policies and integration of infrastructure, and enhancing productive capacities to ensure job opportunities for citizens. He predicted that Opening the door of labor for Gulf between the GCC countries to stimulate the labor market, and reduce unemployment in the countries most densely labor, and the transfer of expertise, what will lead to the Revitalization of the economic sectors involved, such as real estate, retail and travel and aviation.
The report pointed advantages, to some demands adopted by the private sector in the GCC countries, such as adoption of the draft for a tourist visa consolidated between the Gulf Cooperation Council, what in this project from the pros in the interest of the Gulf economy through the Revitalization of commercial traffic sectors tourism and accommodation, aviation and transport land as well as other service sectors. And showed that GDP for the Gulf States reached $1.4 trillion in 2011, an increase of 29 percent compared to 2010, and a real growth rate of 7.8 percent in 2011, based on the report of the Chamber of Commerce and Industry of Bahrain. The Gulf economy more than half of the Arab economy, and 40 percent of undiscovered oil reserves and 23 percent of the world’s gas reserves. The GCC has 630 billion cash reserve officially, and nearly two trillion dollars of foreign investment.
The report noted that intra-regional exports and trade Gulf miniscule compared to trade with the outside world, despite the enormity of its exports, which recorded about 956 billion dollars in 2011 compared to 687 billion in 2010, and record current account surplus of 378 billion dollars, compared with 196 billion.
So he saw the report ‘benefits’, that access to the full customs union and unification of general taxes and find ways for the flow of goods and services between the Gulf states’ is important and necessary to bring about regional development. From here, he stressed the importance of sea ports and airports, railways and trains between the Gulf States, and to strengthen trade and service, and access to the Gulf economic integration.
In a related development, a report advantages the conclusion of the World Bank report last, declaring it optimistic about the growth of the gross domestic product of the Gulf Cooperation Council, likely to exceed the average growth this year 5 percent, even as falling relatively to 4.4 percent next year. He did not rule out that up the fiscal surplus of the GCC countries to 13.3 percent of GDP on average this year, and about 8.7 percent in 2013. He predicted that the Register of current accounts in the GCC surplus accounted 23.3 percent of GDP this year and 18.5 percent next year, at the time it was estimated that Achieve growth in the countries of the Middle East and North Africa 5.5 percent this year, in compared to 5.3 percent in 2011.
According to the World Bank report, will UAE fiscal surplus of up to 5 percent of gross domestic product this year.
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