GCC’s Major Economic Milestones Throughout The 40 Years

  • Date: 03-Jun-2021
  • Source: Al Bawaba
  • Sector:Economy
  • Country:Gulf
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GCC’s Major Economic Milestones Throughout The 40 Years

Article four of the GCC's charter emphasized deepening and strengthening the relationship between the citizens of the six countries across a number of areas.

Key aspects underpinning the preamble of the council's charter are common qualities and similar systems, founded on the creed of Islam. Faith in a common destiny, the sharing of one goal, and cooperation among members were also some of the main objectives.

Despite the common challenges faced by the six states during the past 40 years - such as overdependence on oil as a major contributor to gross domestic product (GDP) and the Iranian threat to the region - the GCC has managed to deliver on a number of the economic goals it set out to achieve four decades ago.