Isaura Daniel*
São Paulo – The Integration Director of the Gulf Cooperation Council (GCC), Abdel Aziz Abu Hamad Al Waishfez, believes the partnership with South America should reach US$ 3.8 billion yet this year.
The GCC and the Mercosur signed during the Summit of South American – Arab Countries, which ended yesterday in Brasilia, a framework agreement to start negotiations for a trade treaty. This agreement should help boost relations between the two economic blocs.
In the document, the two parties – the GCC and the Mercosur, which is the economic bloc of the south, between Brazil, Argentina, Paraguay and Uruguay – have committed to favour the investments in common projects and promote business meetings even before the final deal is signed. Also a permanent commission to ensure the measures are enforced will be created.
The GCC is a bloc formed by the United Arab Emirates, Bahrain, Qatar, Saudi Arabia, Oman and Kuwait. The population is of 33 million people, which represents 10% of the Arab population. The nations of the GCC hold 50% of the GDP of the Arab world, US$ 407 billion. Saudi Arabia is responsible for US$ 225 billion.
The countries of the GCC will have a single currency in 2010. In this moment the bloc carries on with a series of projects for unification. The customs union is one of the measures being implemented. Basic education is another, which has already been standardised. The deal also ensures equality in exercising professions in the participating countries. The six nations are also carrying out privatisation processes.
The information was released today in the seminar for the opening of the Brazil-Arab Countries Business Meeting, in São Paulo.
*Translated by Silvia Lindsey
