Doha: Heads of the six Gulf states yesterday announced the launch of a long awaited common market next January 1, creating an integrated economic bloc.
The announcement came at the end of the 28th Gulf summit in Doha, where Gulf leaders also discussed how to move forward with a monetary union, common energy and water grids and a regional railway system.
In the new market, Gulf nationals will be considered equal citizens and will enjoy the same rights in the fields of travel, employment and education as well as the same economic, fin-ancial and investment opportunities.
"In line with the time-table set by the Gulf Cooperation Council [GCC] five years ago, we announce the launch of a common market starting from January 1, 2008, whereby all citizens of the GCC will be treated as nationals in each of the six states," said Abdul Rahman Al Attiyah, secretary general of the GCC.
"In the common market system, Gulf citizens will be allowed to practice freely any economic activity such as trading in the stock market, setting up companies, buying and selling properties and will have the same investment opportunities. They will also have the same entitlements to employment, health and education, social security and residence," he added.
Concerns
Neil Partrick, a senior analyst at the International Crisis Group, said harmonising the different economic models of the six countries to secure a meaningful common market looks difficult.
"There are different legislative arrangements in the six Gulf countries, such as in ownership and investment legislation. There will have to be one standard and this is a difficult challenge," he told Gulf News.
Al Attiyah added the bloc is moving towards the implementation of a number of regional projects currently under study, such the joint nuclear energy programme, a common railway system and the water grid.
He said the first phase of a common energy grid to serve the region in case of emergency is about to be completed.
