Gulf Common Market
The 28th Gulf Cooperation Council (GCC) summit concluded here today, launching the much-awaited Gulf Common Market (GCM). The Doha Declaration issued at the end of the summit brought this vision into reality.
The following is the text of the Doha Declaration: Meeting the objectives stated in the basic system of the GCC to strengthen cooperation among member countries to create unity, Responding to aspirations of the GCC nationals in achieving GCC citizenship, including free transport, residency, employment, investment, health and social services, Boosting economies of the GCC countries in the light of international developments, which require stronger ties that could bolster negotiation position and competitive capacity in the world economy, Complementing the steps and efforts of joint economic work, Based on what is stated in the economic agreement on achieving the integration among the GCC countries in all economic fields and setting up of the gulf common market, Executing scheduled programmers endorsed by the supreme council at its 23rd summit in December 2002, on completion of the gulf common market requirements before the end of 2007, The Supreme Council of the GCC announces the launch of the gulf common market, with effect from Jan. 01, 2008.
As per this announcement, the GCC nationals will be treated equally in all the GCC countries in par with the nationals of each GCC country.
The following is the text of the Doha Declaration: Meeting the objectives stated in the basic system of the GCC to strengthen cooperation among member countries to create unity, Responding to aspirations of the GCC nationals in achieving GCC citizenship, including free transport, residency, employment, investment, health and social services, Boosting economies of the GCC countries in the light of international developments, which require stronger ties that could bolster negotiation position and competitive capacity in the world economy, Complementing the steps and efforts of joint economic work, Based on what is stated in the economic agreement on achieving the integration among the GCC countries in all economic fields and setting up of the gulf common market, Executing scheduled programmers endorsed by the supreme council at its 23rd summit in December 2002, on completion of the gulf common market requirements before the end of 2007, The Supreme Council of the GCC announces the launch of the gulf common market, with effect from Jan. 01, 2008.
As per this announcement, the GCC nationals will be treated equally in all the GCC countries in par with the nationals of each GCC country.
They will be allowed to:
- exercise all the economic, investment and service fields.
- exercise professions and handicraft.
- transact shares and set up of firms.
- Work at public and civil sectors.
- enjoy social security and pension
- enjoy free hold of property.
- enjoy capital transfer.
- enjoy preferential taxation deals.
- benefiting from the educational, health and social services.
- have free transport and residency
Issued in Doha city, on Tuesday, Dec. 4th, 2007
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