The (GCC) was started by an agreement that ended on 25 May 1981 in Riyadh, Saudi Arabia between Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and UAE because of their special relations, geographic closeness, the same as political systems related to Islamic beliefs, common destiny, and common objectives. The formal language is Arabic. establishing scientific research centers, setting up joint ventures, and encouraging cooperation of the private sector. Lately, Morocco and Jordan have applied for the GCC class which is presently being studied by the GCC Expert Committee. GCC comprises some of the fastest-growing agriculture in the world, substantially due to an increase in oil painting and natural gas earnings coupled with a structure and investment backed by reserves, etc. Most of these economies that were affected during the recent profitable downturn have now recovered and are growing at a fast pace again.
Organization structure
The organization of the GCC comprises the Supreme Council, the Council of ministers, and last but not least we have the Secretariat General. The Secretariat is situated in the megacity of Riyadh. The GCC constitution keenly reflected the importance of seeking ways to make the unity of Arab States a reality.
The Supreme council
The Supreme Council (the top-most authority of the GCC) comprises the President of the six-member countries. The Supreme Council meets every year in ordinary sessions. Judgments are carried by a majority vote.
The council of ministers
The Council of ministers comprises the Foreign Ministers of the six-member countries. The Ministerial Council meets once every three months in ordinary sessions. Essential sessions can happen at any time by the Foreign Ministers of any three Member States. The Council of Ministers formulates programs and makes ideas on ways of developing cooperation and collaboration amongst the Member States in the profitable, social, and artistic spheres.
The secretariat general
The Secretariat General makes reports, accounts, and budgets for the GCC. The S.C drafts rules and regulations that are to be followed and is charged with the duty of helping the Member States in the application of opinions espoused by the Supreme and Ministerial Councils. S.C is selected for a 2-year term by the Supreme Council on the approval of the Ministerial Council. The current Secretary-General is Dr. Abdullatif bin Rashid AlZayani who was appointed in April 2011.
GCC summit neeting
The Summit was held in Bahrain in December under His Majesty King Hamad bin Isa Al Khalifa, Emir of Bahrain and current President of the Supreme Council. The Supreme Council is still on the lookout for the offer of change of GCC member countries from the phase of cooperation to the union. Although on March 15, 2010, UAE reiterated that it’s committed to the conception of a single currency still the free trade in the region should antecede single currency consummation. Riyadh is named as the position for the finance council and the future Central Bank. The GCC summit had established a Joint Monetary Council(JMC) that would take the necessary way to issue the GCC single currency.
GCC Monetary Union
The GCC Monetary Union remained a long-term thing to be preceded by financial programs and the creation of an effective indigenous central bank with profitable and marketable relations India relishes warm connections and cooperation with the GCC. India’s old, literal ties with GCC countries, coupled with adding the significance of oil painting and gas, growing trade and investment openings, and the presence of roughly 6 million The country’s profitability liaison with the GCC has grown rapidly mainly due to the rise in oil painting significance. These continue to make steady progress to date. The bilateral two-way trade during the period was USD145.72 billion, marking a 24.13 percent increase over the previous year, and growing at a steady pace.
