Gulf Cooperation Council (GCC) trade with the United States dropped by 26 percent in the first four months of 2002, reaching $7.7 billion. American product sales in GCC states declined by one billion dollars during the same period, reported Xinhua.
The losses were attributed to the unfavorable economic and political developments that a followed the September 11 attacks on the United States and the popular boycott protests on US merchandise in the region.
The GCC includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). Its goals are to effect coordination and integration between member states in all fields and formulating regulations in economy, finance, trade, customs, tourism, legislation, administration, as well as fostering scientific and technical progress in industry, mining, agriculture, water and animal resources. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
