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Integration processes in the GCC in the xxi century
 
PIIS032150750010104-6-1
DOI10.31857/S032150750010104-6
Publication type Article
Status Published
Authors
Lyudmila Shkvarya 
Occupation: Professor, Department of Political Economy, RUDN University
Affiliation: RUDN University
Address: Russian Federation, Moscow
Journal nameAsia and Africa Today
EditionIssue 7
Pages48-54
Abstract

The article analyzes the processes of socio-economic development and the evolution of regional economic integration within the framework of the Cooperation Council of the Arab States of the Persian Gulf - GCC.

The  relevance  of  the  study  is  due  to  the  relevance  of  the  analysis  of  regional  economic  integration  processes  in  developing countries, especially in the Sub-Region, in the context of growing global instability and protectionist trends in world trade, as well as the ongoing diplomatic crisis in the GCC against the background of the military-political conflict in the middle East.

The author analyzes statistical data from the international database of UNCTAD reflecting changes in the value of GCC exports and imports - both in intra-block trade and in trade with the rest of the world in 1981-2018. The author reveals that integration processes in the GCC are developing steadily. This was primarily reflected in the growing share of intraregional trade in total trade flows. In addition to quantitative indicators, we can also talk about qualitative changes, such as the gradual transformation of the level of integration development from a predominantly free trade zone for goods to the formation of a common market and elements of a Currency Union.

Among the problems, the author highlights the high degree of dependence of economic integration processes on political processes both in the region and in the Middle East as a whole, as well as the still low level of diversification of national economies. These and other problems make it difficult to further develop a full common market and Currency Union in the GCC. This study makes a significant contribution to understanding the nature and features of integration processes in the MENA region.

KeywordsGCC, regional economic integration, Customs Union, Common market, intraregional trade, COVID-19
Publication date27.08.2020
Number of characters19988
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