TRADING WITH OUR NEIGHBOURS
Why has the profile of intra-GCC trade remained almost constant (in proportion to total trade) over the years? We go behind the scenes to find
out what's holding back the bloc.
within the Council has gone up, it hasn't achieved the desired results. According to the International Monetary Fund (IMF), in 1980 trade flows among the GCC countries were at approximately $8 billion (QR29 billion), which was about 4% of the region's total trade with the rest of the world. By 2008, it had reached $67 billion (QR244 billion), which was equal to 6% of the total trade. According to data from the Bahrain Ministry of Industry and Commerce, at the end of 2012 intra- GCC trade was close to $100 billion (QR364 billion).
According to a report by Booz & Company, the European Union's common market generated 2.75 million jobs over a 15-year period and 2.2% of additional GDP. These gains were due particularly to the standard-