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(Foreign Ministers of the Arabian Gulf states participate in a Gulf Cooperation Council (GCC) meeting in Doha April 17, 2012. (File photo: Reuters))[/caption]Gulf oil produces who are members of the monetary union are talking to the United Arab Emirates and Sultanate of Oman in a bid to persuade them to join the union, State of Kuwait’s finance minister said in press comments on Saturday.
Anas al-Saleh said the monetary union members — State of Kuwait, The Kingdom of Saudi Arabia, State of Qatar and State of Bahrain — have been involved in negotiations with the two countries to expand the union which was launched in 2010.
He told the Saudi Arabic language daily 'Al Eqtisadiah' that the four members are pushing ahead with the monetary union but said some “technical points” need to be cleared.
“As for the United Arab Emirates and Sultanate of Oman, we are still talking to them so they will join the monetary union. God willing, the talks will produce results,” he said.
The United Arab Emirates, the second largest Arab economy after The Kingdom of Saudi Arabia, had offered to host the monetary union, although both it and Sultanate of Oman opted out of the proposed union before it was launched in 2010.
The United Arab Emirates and Sultanate of Oman have joined the other GCC members in the customs union and the common market, created several years ago in line with an economic pact signed by the six members of the Gulf Cooperation Council (GCC) a year after they launched their economic, defense and political group in 1981. — Agencies
(The Saudi Gazette, Kuwait)
(Al Arabiya News, 29 Sunday June 2014 The Roman)
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