1982: THE UNIFIED ECONOMIC AGREEMENT BETWEEN THE COUNTRIES OF THE GULF COOPERATION COUNCIL

HISTORY:

In 1982, the GCC countries ratified an agreement that stated clearly "the member states shall seek to coordinate their financial, monetary and banking policies and enhance cooperation between monetary agencies and central banks, including an endeavor to establish a joint currency in order to further their economies."

CHAPTER SIX
FINANCIAL AND MONETARY COOPERATION

ARTICLE 2 1
Member States shall seek to unify investment rules and regulations in order to achieve a joint investment policy aimed at directing their domestic and foreign investments towards serving their interest, and realizing their peoples' aspirations for development and progress.

ARTICLE 2 2
Member States shall seek to coordinate their financial, monetary and banking policies
and enhance cooperation between monetary agencies and central banks, including the endevour to establish a joint currency in order to further their desired economic.

ARTICLE 2 3
Member States shall seek to coordinate their external policies in the sphere of
international and regional development aid.