Leaders of six Arab Gulf countries are due to hold summit talks later on Tuesday, to be chaired by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, amidst key regional developments like the Syrian conflict and the Iranian nuclear deal.
The 34th two-day Summit of the Gulf Cooperation Council (GCC) is held as people of the Arab Gulf countries aspire for further economic integration that would contribute to prosperity of their states.
The Gulf leaders are expected to tackle the latest political developments in the region as well as the latest steps to uphold cooperation among their member states in pursuit for full integration.
The GCC Foreign Ministers held preparatory talks last night ahead of the summit. They were meeting today to continue deliberations today to put final touches on the draft resolutions and final communique that will be referred to the summiteers.
Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah, in a brief speech during last night meeting, said he was looking forward that the Summit would add another pillar for the common action among the GCC countries.
"I look forward for the next summit ... to add another solid pillar for the cooperation in all fields to cement the common action," Sheikh Sabah Al-Khaled said.
This common action, he said, was backed by the leaders of the Arab Gulf countries for more than three decades with the major objectives of honoring aspirations of the people of the Gulf.
The GCC leaders will, meanwhile, thoroughly study the recent nuclear agreement between Iran and the Group of 5+1, the ongoing conflict in Syria, the Iranian occupation of the three UAE islands and the implementation of the Gulf-brokered power-transition deal in Yemen, among other matters.
The summit agenda also includes a wide array of key and diverse issues such as boosting of economic, human rights, environment, healthcare and culture cooperation.
The leaders will continue discussions over the proposal of adopting a single currency. The also review the outcome of the GCC Customs Union and mull new measures to remove all customs barriers to facilitate the influx of trade exchange among their countries.
Trade exchange among the GCC states have sky-rocketed from USD six billion in 1984 to USD 88 billion in 2012.
Inter-GCC trade has remarkably grown since the launch of the GCC Customs Union in 2003. In 2004, the trade exchange between the Arab Gulf countries jumped by 31 percent and in the following years it grew by about 28 percent on annual basis.
The GCC consists of Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain, and Oman. The GCC was established in 1981. The purpose of the GCC is to achieve coordination, integration and inter-connection among member states in all fields in order to achieve unity, as well as formulate similar regulations in economic anf financial affairs, commerce, customs and communications, as well as education and culture.