Minister of finance Dr Ibrahim al-Assaf has highlighted the achievements attained by the Arab Gulf Cooperation Council (GCC) and hailed the economic progress of the Council's member countries. In a statement to the Saudi Press Agency on the occasion of the 25th anniversary for the establishment of the GCC, Dr Al-Assaf said the Saudi government is keen on developing the process of cooperation and economic integration among the GCC countries. He noted that the establishment of the GCC customs union on January 1, 2003 is one of the most important achievements. "The union will have a positive impact on the process of trade exchange among the GCC countries," he said. Dr Al-Assaf pointed out that the the GCC supreme council had decided the establishment of the monetary union and the issuance of the GCC unified currency by January 2010. "The GCC has made big strides in the field of cooperation and integration, and it is hoped that it will go ahead on this path," he added. The GCC is made up of Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman.
