Current Affairs » Gulf Cooperation Council (GCC)

Gulf Cooperation Council (GCC)

GCC is a union of six countries in the Gulf region— Saudi Arabia, U.A.E., Qatar, Kuwait, Oman and Bahrain.

India and the Gulf Cooperation Council (GCC) are expected to launch negotiations for a free trade agreement.

Key Points:

About

What is a Free Trade Agreement?

A free trade agreement is a pact between two or more nations to reduce barriers to imports and exports among them.
Under a free trade policy, goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.

Gulf Cooperation Council (GCC):

Gulf Cooperation Council (GCC) is a political and economic alliance of six Middle Eastern countries:
- Saudi Arabia
- Kuwait
- The United Arab Emirates
- Qatar
- Bahrain
- Oman
It was established in Riyadh, Saudi Arabia, in 1981.
Purpose: To achieve unity among its members based on their common objectives and their similar political and cultural identities, which are rooted in Arab and Islamic cultures.
Presidency of the council rotates annually.

The Highest decision-making entity of the GCC is the Supreme Council, which meets on an annual basis and consists of GCC heads of state.

News Source: The Hindu