The Malfunctioning of the Gulf Cooperation Council Single Market: Features, Causes and Remedies
Mahmood Abdulghaffar,
Omar Al-Ubaydli and
Omar Mahmood
MPRA Paper from University Library of Munich, Germany
Abstract:
Five years after its inception, the Gulf Cooperation Council (GCC) single market is malfunctioning in a litany of ways: there remain restrictions on the movement of goods, capital and labor across political boundaries. This paper describes the GCC single market’s malfunctions. We also propose remedies, taking advantage of the single market experiences of, among others, the European Union. A key conclusion is that there is an absence of GCC supranational political institutions powerful enough to enforce rules, with the exception of the Supreme Council, which is itself not designed to deal with day-to-day issues such as enforcing a single market. Consequently, the GCC needs to alter its institutional structure if it wants the single market to operate correctly.
Keywords: Single market; Economic integration; Gulf Cooperation Council (search for similar items in EconPapers)
JEL-codes: F15 F2 F20 F36 F53 F6 F60 (search for similar items in EconPapers)
Date: 2014-04-19
New Economics Papers: this item is included in nep-ara
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Published in Middle Eastern Finance and Economics 19 (2013): pp. 54-67
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:55413
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