"Asia and Africa today" № 7 2020
| Title |
INTEGRATION PROCESSES IN THE GCC IN THE XXI CENTURY |
| DOI |
10.31857/S032150750010104-6 |
| Аuthor | Lyudmila V. SHKVARYA Dr.Sc. (Economics), Professor, Department of political economy, People’s Friendship University of Russia (RUDN University) ( This email address is being protected from spambots. You need JavaScript enabled to view it. ) |
| 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. |
| Keywords: | GCC, regional economic integration, Customs Union, Common market, intraregional trade, COVID-19 |
| Pages | 48-54 |
