The Gulf Cooperation Council

2030 Words Jan 26th, 2018 8 Pages
Its formation was to help the Arab country members to improve their economic standards and better the living standards of their citizens. Their main economic activity is mining and exporting oil to other none member countries in the world. Together they supply approximately a third of the United States petroleum (Ramady, 2010).some of the reasons for the formation of Gulf cooperation council was to make them eradicate poverty and have a common trade exchange value. This is because they have the same export and therefore, they cannot trade among themselves. In addition, they came together to integrate and come up with solutions to their problem of oil exportation, and to start other ways of improving their economy apart from oil exportation. However, there have been challenges facing their integration process. These challenges reduce their ability to perform and acquire maximum cooperation between the member countries. Some of the challenges include lack of common currency between the member states, varied inflation, and difficulty in changing from the initial signed economic forums from other non-member states. In addition, the countries face a challenge of meeting a common job market for the citizens of the member states (Ramady, 2010)
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