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
European Free Trade Association: Gulf Cooperation Council (GCC)
Government of Dubai and Dubai Export Development Corporation: GCC and EFTA Free Trade Agreement
New Zealand Ministry of Foreign Affairs and Trade: New Zealand-Gulf Cooperation Council (GCC) Free Trade Agreement
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.