Class Notes 4 You

The Gulf Cooperation Council (GCC) is a political and economic alliance of six Arab states in the Arabian Peninsula.  Member States: The six member states of the GCC are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Establishment : The GCC was established on May 25, 1981, with the signing of the GCC Charter in Riyadh, Saudi Arabia. Objectives : The objectives of the GCC are to enhance cooperation and integration among its member states in various fields, including economics, finance, trade, customs, tourism, and culture. Headquarters : The headquarters of the GCC is located in Riyadh, Saudi Arabia. Population : The GCC member states have a total population of around 55 million people. Economy : The GCC has a combined economy of around $1.5 trillion and is one of the fastest-growing economic regions in the world. Currency : The GCC countries have a common currency, the Gulf Cooperation Council currency, which is yet to be implemented. Military : The GCC h...

Misc points- In the wake of COVID19, regional initiatives will become the “ Goldilocks option” - the happy medium between globalization and hyper nationalism emergence of plurilaterals and mini-laterals by middle powers in the wake of US reluctant to provide leadership and china revising the rules of multilateral engagement Use liberal institutionalism, complex interdependence ,functionalism in ques of regional org. BRICS (15 years in 2021, expect a ques) Jim o Neil , chief economist of Goldman Sachs coined bric in 2001 in a paper “The world needs better economic BRICs.” said these would surpass GDP of G6 by 2040. Fareed zakaria calls it post american world order. Describes BRICS as fall of west and rise of rest. 43% of world population, 37% of world GDP, 17% share in world trade Important platform for south south coop cooperation: International terrorism climate change food and energy security Reform of Bretton woods WTO doha development agenda At  BRICS summit in 2016, india ga...

Regional Comprehensive economic partnership proposed pact between 10 ASEAN economies and six FTA partners New Zealand, Australia, China, India, Japan, and South Korea. India has withdrawn from the same. objective:to achieve a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement aimed at lowering trade barriers and securing improved market access for goods and services for businesses in the region, through:   Recognition to ASEAN Centrality in the emerging regional economic architecture and the interests of ASEAN’s FTA partners in enhancing economic integration and strengthening economic cooperation among the participating countries Facilitation of trade and investment and enhanced transparency between the participating countries. Facilitation of SMEs’ engagements in global and regional supply chains Broaden and deepen ASEAN’s economic engagements with its FTA partners.   Potential of RCEP opportunities for businesses in the East Asia re...