Gulf nations discuss unified currency

[Kim]

MANAMA, Bahrain (AP) -- Finance ministers from six Gulf states met Saturday to discuss economic integration, including a unified currency and a free trade agreement with the United States, an official said.

http://www.cnn.com/2005/WORLD/meast/05/07/gulf.us.ap/index.html

[JASONTL]

Aside from the planned monetary union, al-Mazrooei said the two-hour closed-door meeting also discussed the free trade agreement between the GCC and the U.S.

"There are new ideas and new proposals on this issue which will be discussed later this year," said al-Mazrooei adding the free trade agreement and other economic issues will be taken up at an October meeting in the United Arab Emirates.

I wonder if they are talking about Iraq? (new ideas and new proposals). I wonder if Iraq will be secure enough to open on it's own before joining the GCC and going to the new currency? Iraq has said that they would not ask to join the GCC until it was ready to stand on it's own and did not want to be a burden to the GCC.