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Volume :3 Issue : 9 1977      Add To Cart                                                                    Download

KUWAIT AND THE ECONOMIC INTEGRATION OF ARABIAN GULF COUNTRIES

Auther : By: Dr. M. Hisham Khawjkie

Economic integration may be considered as one of the most important concept of our time.  The European, Latin American, Asian, African and the Arab Common Markets, are examples of that reality.
Kuwait realized the importance of integration as a means to realize the economic and political independence of the countries in the Gulf and to assure their fast development.  Kuwait, therefore, is making contacts with neighbour countries for the purpose of establishing a Common Market.
In order to show the importance of this step toward economic integration, this study has defined the aims and concepts of economic integration of the Arabian Countries.
The main goal of economic integration is to safeguard the petroleum wealth and to assure the maximum benefit from it.
The study also delineates three means to assure the realization of economic integration in this area:
1. The development of trade between these countries.
2. The establishment of a general program of investment for the development of the whole region.
3. Coordination in financial and economic endeavors between the countries of the region.
The study further shows the importance and the necessary interaction between the Gulf and the Arab Common Markets.
The present commercial and economic relations among the countries of the Gulf region are insufficient to merit the establishment of a Common Market.  However, the potential to economic integration exists.  If the countries of the region are desirous to move towards a true economic integration, they have to realize the following:
1. The establishment of a free trade area as a step for a customs union.
2. The establishment of a common plan concerning the strategic investments.
3. The establishment of an executive board whose task is to formulate and implement economic policies concerning the region.

 

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