Riyadh: A number of Saudi businessmen and economic experts have underlined that the common market endorsed by the Gulf Cooperation Council Summit in Doha yesterday requires executive bodies and necessary mechanisms to become effective.
They added that the market also needs public opinion awareness and education in the GCC states about the feasibility of the common market and how to benefit from it.
In exclusive statements to Gulf News they welcomed the decision by the GCC Summit to launch the common market next month.
They said it would accelerate progress towards monetary union and the single currency and other measures that will enahance relations among member states.
Fayez Al Shammary, an economic expert, said the GCC common market is one of the most important instruments for the activation of integration between the GCC states.
"The common market will enhance the role of the GCC and its negotiating capability with other global economic blocs," he added.
Al Shammary called for the establishment of an authority responsible for the GCC common market, and that this authority should have executive powers that can help the private sector play a leading role in the implementation of the common market.
Support bodies
Al Shammary pointed out that the European Union has four main agencies that serve the group. They are the ministerial council, executive committee, court of justice and European Parliament.
He raised the question of support bodies for the GCC common market.
Dr Mohammad Shams, another Saudi economic expert and professor at the Jeddah-based King Abdul Aziz University underlined the importance of establishing a common information bank for GCC citizens.
He said this would prevent violations such as forgery in the courts or stock markets and other bodies that will be common for all GCC states.
Ahmad Al Tuwaijry, a businessman, said the success of the GCC common market will need significant time, patience, streamlined procedures and transparency.
Transparency
He said there are countries that have less transparency than others and economic indicators, like inflation and unemployment rates, too, differ from one GCC state to another.
"The GCC states differ in terms of their economic size and gross national product (GNP).
For example the kingdom's GNP touches $350 billion (about Dh1,285 billion), while the GNP of Bahrain does not exceed $15 billion.
"There is a difference in the economic cycles among the GCC states, but the common market will create an exchange and movement of capitals and manpower," he said.
He added: "In the long term the economic indicators will be the same as a result of the launch of the GCC common market.
