History
When was the GCC founded?
1981
Which sector has the GCC focused on diversifying away from?
Oil
What does the GCC aim to achieve in terms of political cooperation among its member states?
So they are more unified and there are no more blocks (like the Qatar one) where trade is limited. Also, to maintain peace and keep all agreements.
Which treaty officially launched the GCC customs union?
The 2003 customs union agreement.
To increase economic integration
What are the effect of the Palestine-Israel Conflict on the GCC countries?
Qatar aided Palestine
UAE increased trade with Israel
Trade is affected by border closures and military activity. Goods are are delayed and there needed new routes for trade.
How many countries are part of the GCC and list them.
6 countries.
The Kingdom of Bahrain
The State of Kuwait
The Sultanate of Oman
The State of Qatar
The Kingdom of Saudi Arabia
The United Arab Emirates.
What was the economic effect of establishing a common market?
It allowed for the free movement of goods, services, capital and labor.
How does politics and economics relate, in general?
Politics and economics are closely related because government decisions can have a big impact on how money flows and resources are managed in a country. The economy can also influence politics, as economic issues like unemployment or inflation shape how people vote and what policies leaders prioritize.
What significant event led to the creation of the GCC?
It followed the Iranian revolution and the breakout of the Iran-Iraq war.
What was the effect of the pandemic in the GCC economies?
Think of result of lower oil prices
Large budget deficits because of lower oil revenues. Debt increased
What effects did the Qatar Diplomatic Crisis have on the GCC’s unity?
The crisis exposed divisions within the GCC, particularly on issues related to Iran and Islamist movements, weakening regional cohesion.
What was the main purpose of establishing this trading bloc?
To coordinate policies in various sectors like trade, industry, and investment, as well as establishing a unified economic framework.
Why is it important to have national workers?
Reduce national unemployment rates
Increases employment in the private sector
How has the GCC's focus on economic diversification influenced its political stability, especially in relation to its reliance on oil?
This shift has led to political challenges as member states must balance the immediate need for reform with potential social unrest, while still managing the fluctuating global oil market that remains a core part of their economies.