The Gulf Cooperation Council (GCC), is a regional, intergovernmental, political and economic union that comprises of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). The GCC countries occupy most of the Arabian Peninsula. The peninsula is known for its large reserves of crude oil and gas. The GCC was established under an agreement concluded on 25th May,1981 in Riyadh, Saudi Arabia aimed at building on the member states special relations, geographic proximity, similar political systems, the sense of a shared destiny and common strategic goals. The GCC Charter states that the basic objectives behind the formation of the GCC are 1. To implement co-ordination, integration and interconnection between member countries in all fields in order to achieve unity between them. 2. To deepen and strengthen relations, links and areas of cooperation between their people in different fields. 3. To formulate similar regulations in different fields including economic and financial affairs, commerce, customs , communications, education , culture, social and health affairs, information and tourism, Legislative and administrative affairs, to stimulate scientific and technological progress in the fields of industry, mining, agriculture, water and animal resources; to establish scientific research; to establish joint ventures and encourage cooperation by the private sector for the betterment of their people.
Country Population
million Area sq km GDP PPP billion US$ GDP nominal US$ GDP per capita PPP US$ GDP per capita US$ Export US$ billion Import US$ billion
Bahrain 1.46 786.5 87.15 44.17 57,142 29,103 27.63 23.39
Oman 4.52 309,500 165.95 110.13 35,281 23,416 21.1 20.6
Saudi Arabia 32.175 2.149 million 2,350 1,061 67,019 29,922 286.5 213
Kuwait 4.29 17,818 248.11 183.57 51,578 38.12 40.16 28.34
Qatar 2.79 11,581 303.59 221.37 113,675 82,877 86.51 26.69
UAE 9.2 83,600 890.17 498.98 88,221 49,451 306.41 229.2
The data shows that Saudi Arabia is the largest country in terms of population, area, GDP both PPP and nominal. In terms of GDP per Capita both PPP and Nominal Qatar is the richest country with US$ 113,675 (PPP) and 82, 877 (Nominal) . In terms of Exports and Imports and Trade volume UAE is number one with US$ 306.41 billion dollars export and US$ 229.2 billion imports. In aggregate six GCC countries have a population of 54.34 million, having an area of 2.57 million sq. km, GDP (PPP) US$ 4,405 billion and GDP (Nominal) US$ 2,119 billion. GCC has combine exports of US$ 768 billion and imports of US$ 350 billion.
GCC Aggregate Economic Indicator
Population: 54.43 million
Area Sq Km: 2.57 million
GDP (PPP): US$ 4,405 billion (2022)
GDP (Nominal): US$ 2,119 billion (2022)
Export: US$ 768 billion (2022)
Imports: US$ 350 billion (2022)
GCC’s top export items are mineral fuels, mineral oils and products of their distillation , bituminous substances, around $ 320 billion , natural or cultured pearls, precious and semi-precious stones , precious metals , metal clad about US$ 25 billion, Organic chemicals $ 14 billion , among top 10 imports are included machinery, mechanical appliance, nuclear reactors, boilers US$ 50 billion, vehicles other than railway rolling stock, and parts and accessories around 32 billion , pharmaceuticals, and others.
The European Free Trade Association (EFTA) which include Norway, Iceland, Switzerland, signed a Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC) in Hamar, Norway, on 22 June,2009. The Agreement was implemented on 1st July, 2014. The coverage of the FTA includes trade in goods encompassing industrial and processed agricularal goods, fish and other marine products. The FTA also covers trade in services, government procurement and competition. Basic agricultural products are covered under bilateral agricultural agreements between the GCC and Norway, Iceland and Switzerland. These bilateral agreements on agriculture are part of the instruments establishing the free trade area between the GCC and the EFTA.
Pakistan signed Free Trade Agreement with GCC on 29th September,2023 on a very important day of 12th Rabi ul Awwal. This is a great achievement for Pakistan and was much needed. It took a long time and all those who contributed achieving this need to be praised.
TRDAE WITH PAKISTAN
Oman
Year US Million Exports US$ million Imports US$ million Total trade US$ million Balance of Trade US$ billion Total Export of Pakistan % share in Total Export US$ billion Total Import of Pakistan % share in Total Imports
2017 118.4 656.9 775.3 (538.5) 21.912 0.5 57.52 1.1
2018 139.1 780.1 927.5 (649.2) 23.779 0.6 60.39 1.3
2019 171.5 608.6 780.1 (437.2) 23.82 0.7 50.511 1.2
2020 149.3 615.7 765 (466.4) 22.25 0.7 45.84 1.3
2021 176.5 451.3 627.8 (274.8) 28.88 0.6 73.11 0.6
Qatar
TRDAE WITH PAKISTAN
Year US
Million
Exports US$
million Imports US$
million Total trade US$
million Balance of
Trade US$
billion Total Export
of
Pakistan %
share in Total Export US$
billion Total Import
of
Pakistan %
share in Total
Imports
2017 67.5 1610.5 1678 (1534) 21.912 0.3 57.52 2.8
2018 102.8 2395.2 2498.1 (2292.4) 23.778 0.4 60.39 4.0
2019 142.8 2190.9 2333.7 (2048.1) 23.818 0.6 50.51 4.3
2020 147.6 1485 1632.6 (1337.5) 22.245 0.7 45.84 3.2
2021 406.2 2672.4 3078.6 (2266.2) 28.88 1.4 73.11 3.7
Saudi Arabia
TRDAE WITH PAKISTAN
Year US
Million
Exports US$
million Imports US$
million Total trade US$
million Balance of
Trade US$
billion Total Export
of
Pakistan %
share in Total Export US$
billion Total Import
of
Pakistan %
share in Total
Imports
2017 335 2734.1 3069.1 2399 21.912 1.5 57.52 4.8
2018 318.3 3254.6 3572.9 2936 23.778 1.3 60.39 5.4
2019 406.1 2439.8 2845.9 2033.7 23.82 1.7 50.51 4.0
2020 432.3 1893.1 2325.4 1460.8 23.37 1.9 45.78 4.1
2021 403.1 3738.9 4142 3335.9 28.88 1.4 73.106 5.2
UAE
TRDAE WITH PAKISTAN
Year US
Million
Exports US$
million Imports US$
million Total trade US$
million Balance of
Trade US$
billion Total Export
of
Pakistan %
share in Total Export US$
billion Total Import
of
Pakistan %
share in Total
Imports
2017 870.4 7534.9 8405.3 (6664.5) 21.91 4 57.52 13.1
2018 989.7 8702 9691.7 (7712.3) 23.77 4.2 60.39 14.1
2019 1179.1 6340.2 7519.3 (5161.3) 23.81 5 50.51 12.6
2020 1096.9 4474.2 5571.1 (3377.3) 22.24 4.9 45.77 9.8
2021 1163 7338.5 8499.8 (6177.1) 28.69 4 72.47 10.1
Kuwait
TRDAE WITH PAKISTAN
Year US
Million
Exports US$
million Imports US$
million Total trade US$
million Balance of
Trade US$
billion Total Export
of
Pakistan %
share in Total Export US$
billion Total Import
of
Pakistan %
share in Total
Imports
2014 171.18 2954.98 3126.16 2783.8 24.72 0.69 47.754 6.18
2015 188.87 1712.74 1901.61 1523.87 22.089 0.85 43.99 3.88
2016 175.35 1271.96 1447.33 1096.53 20.534 0.85 46.99 2.70
2017 166.78 1468.13 1634.91 1301.35 21.88 0.76 57.44 2.55
2018 172.69 1407.72 1580.41 1235.03 23.82 0.72 60.39 2.34
TRDAE WITH PAKISTAN
Bahrain
Year US Million Exports US$ million Imports US$ million Total trade US$ million Balance of Trade US$ billion Total Export of Pakistan % share in Total Export US$ billion Total Import of Pakistan % share in Total Imports
2013 42.45 97.7 140.16 55.25 30.7 0.13 46.37 0.37
2014 63.27 85.15 148.92 21.88 29.93 0.2 45.59 0.34
2015 69.19 28.29 97.49 40.90 28.67 0.24 46.14 0.85
2016 82.25 111.79 194.04 29.55 27.4 0.23 50.78 0.08
2017 94.168 68.81 162.97 25.36 27.898 0.36 58.52 0.11