Gulf summit starts meetings, stresses economic unity priorities

The Arab Gulf 22nd summit started on Sunday in Muscat to discuss some 30 files focusing on issues of cooperation among the Gulf Cooperation Council (GCC) 6 member states in the security, economic, political, military and security areas.

It is, however, expected that the economic file to have the greater share of the summit's agenda as this summit will basically deal with plans to maintain an economic unity among the GCC member states and embarking on a customs unity as from the year 2003 so as to unify customs tariff and prepares the way before a united currency in 2010.

Worthy mentioning that forming the customs union is the basic precondition for the European Union in order to sign a free trade agreement under negotiations since 13 years.

In this regard, the ruler of Bahrain Sheikh Hamad Bin Issa al-Khaleifa called before the convening of the summit for an urgent economic merging of the GCC member states, noting that experience has proven that there is no option but to maintain joint GCC inter- co-operation.

On unifying the GCC labor force, the secretary general of the GCC for economic affairs Ajlan al-Kawari said this process will be made through stages the first is to consider the US dollar as a common fixer for currency exchange in the GCC and this stage is to start by the beginning of 2002 while in the second stage criterion of economic performance connected to financial and monetary stability will be completed in preparations to launch the GCC common currency in a latter date not to exceed 2010.

The current GCC summit is also expected to discuss the Palestinian question, the situation in Afghanistan and the current crisis between India and Pakistan as well as the issue of Yemen's gradual joining of the GCC.