GCC boosts economic clout
Series of steps need to be undertaken before creation of Gulf common market
Dubai: A series of actions must be taken to realise the benefits of creating the Gulf common market, experts said on Wednesday.
While praising the decision by the Gulf Summit in Doha on Tuesday to establish a unified economic bloc, economists, experts and many businessmen in the region stressed the need to act swiftly on necessary aspects such as a body of uniform legislation before it comes into effect in January.
It is "one of the most important decisions made by the Gulf Cooperation Council (GCC) since its creation in 1981", according to prominent Dubai-based economist Mohammad Al Asoomi.
Other experts said it reflects the GCC's will to push forward with the integration process despite the challenges that may arise.
"It will take time before it is full-fledged," said Yousuf Obaidan, a Qatari analyst. 'The legislation of all the states will be harmonised, and this will take several phases."
Apart from amending some regulations, issues that must be dealt with include unifying the legal frameworks of the member states, full implementation of the customs union, establishment of executive bodies and raising public awareness.
It is a great opportunity for every business, said Ahmad Al Deeb, Undersecretary at the Omani Ministry of Commerce and Industry, allaying the concerns of small and medium businesses.
