By NNN-KUNA,
Doha : Gulf Cooperation Council Secretary-General Abdulrahman bin Hamad Al-Atiyya has said that the GCC Common Market, which was established early 2008, will play an important role in supporting regional and international cooperation.
Speaking at the Qatar “Conference on Democracy, Development and Free Trade” Monday, aimed at promoting open international trade talks, he said that the GCC Common Market covers 10 areas which are, transportation, residence, employment in government sectors, social security, retirement plans, ownership of real estate, fund transfers, foreign goods taxation and the freedom to practise occupational, craftsmanship, commercial and investment-related activities within the GCC states.
He said that the common market facilitates efforts to resolve all financial and economic problems relating to the Gulf states, with an addition of a legal department that is to function later.
The GCC Common Market provides numerous social and economic benefits to nationals, companies, institutions, and investors from the Gulf, as well as foreigners hoping to invest in the Gulf states.
Easy trade manoeuvrability and the development of the investment environment in the GCC are other aims, he said, indicating that the organisation’s free trade policy has helped the region to develop tremendously.
Al-Atiyya also revealed plans to sign related treaties with the EU, which is considered to be the GCC’s biggest trading partner, as well as treaties with other Asian countries.