• Cooperation Council for the Arab States of the Gulf is signed in Abu Dhabi, United Arab Emirates.
  • The EU establishes bilateral relations with the GCC countries through a Cooperation Agreement signed in 1988. The Cooperation Agreement contains a commitment from both sides to enter into negotiations on a free trade agreement.
  • The GCC Patent Office is approved and established soon after in Riyadh, Saudi Arabia.
  • A customs union is declared.
  • China and the Gulf Cooperation Council (GCC) announces the launch of China-GCC free trade agreement negotiations.
  • A GCC common market is launched which grants national treatment to all GCC firms and citizens.
  • After six rounds of meetings, New Zealand and GCC conclude the negotiations of a free trade agreement, which will be signed later.
  • Kuwait, Saudi Arabia, Bahrain and Qatar announce the creation of a Monetary Council, a step toward establishing a shared currency.
  • Jordan and Morocco are invited to join the GCC.


Abed, George T.; Erbas, S. Nuri; Guerami, Behrouz. “The GCC Monetary Union: Some Considerations for the Exchange Rate Regime,” International Monetary Fund Working Paper No. 03.66, April 1, 2003. 

China FTA Network: China-GCC FTA

Official GCC Website

European Free Trade Association: Gulf Cooperation Council (GCC)

Government of Dubai and Dubai Export Development Corporation: GCC and EFTA Free Trade Agreement

Gulf News - Business

New Zealand Ministry of Foreign Affairs and Trade: New Zealand-Gulf Cooperation Council (GCC) Free Trade Agreement

Reuters: Gulf bloc to consider Jordan, Morocco membership

Singapore Government: Overview of the Gulf Cooperation Council (GFSTA)

Sturm, Michael; Siegried, Nikolaus. "Regional Monetary Integration in the Member States of the Gulf Cooperation Council," European Central Bank Occasional Paper Series No. 31, June 2005.