FTA will not hender GCC

[Dinaress]

The Secretary General of the Gulf Cooperation Council (GCC), Abdul Rahman bin Hamad Al Atiyya, has said that the next GCC summit in Abu Dhabi would boost the GCC march and joint economic work, particularly in the area of ensuring the implementation of the customs union and expediting steps towards the implementation of a Gulf Common Market.


http://menafn.com/qn_news_story_s.asp?StoryId=94522



Since Alan Greenspan determines the monetary policy of the Gulf, thanks to the de facto GCC currency pegs to the greenback, the post-9/11 credit creation by the American central bank was high octane fuel to the Gulf stock exchanges and share markets on a scale not witnessed since the petrodollar bonanza of the 1990's.




http://menafn.com/qn_news_story_s.asp?StoryId=94469

[Kim]

"The GCC states have excluded the US from the collective agreements," Shaikh Muhammad al-Sabah said after attending a seminar on future talks with Washington for a Free Trade Agreement (FTA).

The council had also planned to establish a monetary union by the end of this year, a common market by 2007 and a single currency by the beginning of 2007.

http://english.aljazeera.net/NR/exeres/F956F629-0AF6-4E00-9A3C-4501A9DDFA9B.htm

[H2OLover]

"The GCC states have excluded the US from the collective agreements," Shaikh Muhammad al-Sabah said after attending a seminar on future talks with Washington for a Free Trade Agreement (FTA).

The council had also planned to establish a monetary union by the end of this year, a common market by 2007 and a single currency by the beginning of 2007.

http://english.aljazeera.net/NR/exeres/F956F629-0AF6-4E00-9A3C-4501A9DDFA9B.htm


I wonder if Iraq will be in the GCC by then. If so the dinar should be taking a fast track to it's full potenial before the currency turns over

any other want to comment on this ??

[Jerry]

I wonder if Iraq will be in the GCC by then. If so the dinar should be taking a fast track to it's full potenial before the currency turns over

any other want to comment on this ??
My bet between 2007 & 2010.

[Dinaress]

Al Jazeera has not always been the most reliable source, i take what they say as insurgents mouthpiece.

[lance]

ssssssssssssssssss

[Jerry]

If I have to lay a bet, unfortunately I would have to say the later, and that is optimistic according to NBK representative in Kuwait. He is of the opinion it will be diificult to bring the nations together in a meaningful way. He stated last night they simply have seperate interests. He was however hopeful this would occur. Lance

Perhaps he is not aware of the bilatteral free trade agreements that are being individually set up with each of the GCC countries. Kuwait recently agreed to join the FTA.

Kuwait to benefit from free trade zone with US

KUWAIT (KUNA): The State of Kuwait and the national economy would benefit from a free trade zone with the United States and would find new markets and room for expansion...

The figure also noted that implementation of high standards is in line with the overall openness in the state and with World Trade Organization (WTO) open markets criteria
http://www.arabtimesonline.com/arabtimes/business/Viewdet.asp?ID=4032&cat=a

And thats what it comes down to. The question to ask yourself is... " Why would the U.S. want to deal in free trade agreements with the GCC individually as opposed to dealing with the GCC as a whole?"

Jerry

[Jerry]

That would be great if it works, I think he was trying to say it may be alot to ask of these nations to stick together. It was one mans opinion that this would be difficult, not impossible. Lance
Intresting that you would place a bet based on one individuals opinion who is in the profession of Banking and not foreign trade...

All these countries share the same intrest... Money. Being a banker you would think that he would come to grips with atleast that much.

What is OPEC all about? Money. FTA's = Money. A common Dinar backed by not 1 but several oil producing countries pegged to the dollar = Money... and alot of it.

Money is not thier only mutual intrest also there is a deep faith in a shared religion.

Lastly... yes... Democratic reform... In Kuwait women were finally allowed to vote recently... thats just one example. Saudi struggling with the older generation is yet another. Your in the region take a look around. Its not hard to figure out exactly "who" is applying all this pressure... its the country with the money.

Jerry

[Chaka]

And thats what it comes down to. The question to ask yourself is... " Why would the U.S. want to deal in free trade agreements with the GCC individually as opposed to dealing with the GCC as a whole?"

Jerry[/QUOTE]

individual agreements would reduce the negotiating power from the GCC as a whole

thus US maintains some control of future arrangements by not losing any leverage

divide and conquer

[Jerry]

And thats what it comes down to. The question to ask yourself is... " Why would the U.S. want to deal in free trade agreements with the GCC individually as opposed to dealing with the GCC as a whole?"

Jerry

individual agreements would reduce the negotiating power from the GCC as a whole

thus US maintains some control of future arrangements by not losing any leverage

divide and conquer[/QUOTE]
exactly!

And why would this be in the best intrests of these countries to all share common Dinar pegged to the dollar? Because these countries are seeking ways to pump money into thier economies by way of trade in other areas so as to not be so dependant of oil. Thats where the FTA's come in.

Time to wake up and smell the Shee-Sha ;)

[sprtbuf]

And they have the model on how NOT to unify a currency/etc with the Euro....heh heh

Nice to see you two dudes back on the boards a bit, if only for an instant...