TRAD­ING WITH OUR NEIGH­BOURS

Qatar Today - - DEVELOPMENT > TAG THIS - BY APARNA SHIVPURI

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-

Newspapers in English

Newspapers from Qatar

© PressReader. All rights reserved.