In post second world war, there has been a sustained and growing ‘Balkanization’ of what hitherto has been unified global trading system. Most free trade agreements play a very vital role of liberalizing trade between the member states and other countries. They aim at making business conduct to be less complicated across the regions and attract more investors enabling the growth in business within a region. The Gulf Cooperation Council (GCC) was formed by countries in the Arabia peninsula to forge unity among the Arabic countries. These countries which hold most of the oil reserves in the world have through GCC formed a major global block for trading in the world (PTA dossier 2008). There are many merits and demerits that are associated with Free Trade Agreements within a region. This paper intends to look deeply at these advantages and disadvantages of FTAs within GCC. A description of the structure of GCC will be given, member states, areas where they cooperate, the advantages and disadvantages of FTA and the achievements it has made both politically and economically will be addressed. The future plans it has for its members will be looked into and a conclusion will be drawn.
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The Gulf Cooperation Council (GCC) 3
The Structure of GCC 4
Areas of Cooperation 6
GCC and PTA 6
GCC AND FTA 6
FTA and PTA IN GCC 7
Advantages and disadvantages of FTA in GCC 8
Achievements of GCC 11
Political Achievements 11
Economic Achievements of GCC 12
GCC Future Plans 13
This is a term paper in itself. The issues discussed in this essay are really significant.